Fall 2023 Client Update

David Meehan on November 3, 2023

When you see Compagnie de L’Odet on your statement, think “UMG at a discount.” And when you think of UMG, think “A royalty on global music consumption.” When people listen to a song, the artists and UMG are paid. It is an incredibly resilient and profitable business with a nice growth tailwind because of global smartphone proliferation and growth in subscriptions to streaming services such as Spotify, Apple Music, Youtube, Amazon, Pandora, Soundcloud, Tencent, etc. that offer unlimited listening of almost every song ever recorded for a modest monthly fee or free with advertisements.

Spring 2023 Client Update

David Meehan on May 1, 2023

Berkshire Hathaway Revisited. Berkshire Hathaway remains our largest individual holding (10-15%) outside of index funds in the Capital Appreciation and Outright Capital Appreciation portfolios and I’d like to provide an overview of the company so you can understand why we own it in size.  If you prefer the one-minute version, read the “reasons to own” below and skip to the planning section on page 11.

2022 Client Letter

David Meehan on January 13, 2023

The “Outright Capital Appreciation”, “Capital Appreciation”, and “Moderate Capital Appreciation” portfolios averaged -7.8%, -1.8%, and -5.0%. I expect our relative returns to do well in a down year for the indexes and lag in an up year for the indexes, but I’m still pleased by the amount of our relative outperformance.

Summer 2022 Client Update

David Meehan on August 12, 2022

Here’s some more detail on the down market that you’ve probably been hearing about. Through June 30, 2022, the total returns of large cap equity indexes in the U.S., Europe, and emerging markets were down -19.9%[1], -18.9%[2], and -14.9%[3], respectively.