Capital Ideas

Second Quarter 2019 Letter to Clients

Each point in the ups and downs of the market has its own emotional challenges for long-term investors. The inevitable downturns like we saw in 2018 require that we muster our intestinal fortitude and avoid the temptation to flee to cash. In times of extended market...

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First Quarter 2019 Letter to Clients

After a turbulent end to 2018 sent stock indices around the globe into bear market territory, equities staged a big recovery in the first quarter of 2019. For the quarter, the S&P 500 index gained 13.65% and was within a few percentage points of its record high....

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Fourth Quarter 2018 Letter to Clients

Stocks around the globe experienced a significant decline during Fourth Quarter 2018, a trend that began in October and accelerated rapidly in December. The downturn was widely attributed to the prospect of continued higher interest rates, ongoing tensions in the...

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What’s Your Business Really Worth? Part 2

Dennis Covington | Managing Principal Key Takeaways: There are at least 7 different ways to value a private business: Here we will explore Liquidation Value, Market Value, Fair Market Value and Owner’s Value. Market value is a technique for showing how your business...

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What’s Your Business Really Worth? Part 1

Dennis Covington | Managing Principal Key Takeaways: • Private businesses can have multiple values depending on who the potential buyers are—and what each the buyer’s needs are. • Business owners need to realize that taxes and expenses are part of the sales process. •...

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The Power of Listening

Scott Pritchard | Principal I have a confession to make. I have a friend who is a broker. There, I feel better getting that off my chest. Aside from having built a very profitable book of business by the sheer force of his personality and some very aggressive sales...

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New Fiduciary Rule

Scott Pritchard | Principal We finally have a new Fiduciary Rule that becomes the law of the land next year on April 10, 2017. Now what? Unfortunately, as many cynics (and perhaps some realists) predicted, the final rule became the victim of Wall Street and insurance...

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CFO 2016 Trends & Tips

Scott Pritchard | Principal CFO Magazine recently issued a special report titled “401(k) Trends and Tips for 2016”. The complete report is available online at 401(k) Trends and Tips for 2016 . But knowing that you are a busy professional, I thought you might...

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Take Two Weeks Off

Scott Pritchard | Principal Take Two Weeks Off…Then Quit If you’ve ever picked up a golf club you can probably relate to my friend who upon having a particularly rough day on the course declared “I know what I’m going to do to fix my game. I’m going to take two weeks...

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Death of the Fiduciary Rule

Scott Pritchard | Principal It’s officially official: the Fiduciary Rule is dead. I first wrote about the Fiduciary Rule in this forum in March 2015, asking the question “Whose Interests Come First?” Subsequent posts chronicled the saga of the rule until it finally...

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Third Quarter 2018 Letter to Clients

After regaining their all-time highs over the summer months, stocks saw a resurgence of volatility in the beginning of October. The downturn was widely attributed to rising interest rates, as the yield on the benchmark 10-year Treasury note surged to 3.25% for the...

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Second Quarter 2018 Letter to Clients

Market pundits have spent a great deal of time the past three decades endlessly debating the merits of “active” vs. “passive” investing. At its core, the argument can be distilled down to this: Is it better for investors to employ elaborate strategies to try and...

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