Live From the Desk

Climbing the Debt Wall

We have written before about the US Central Bank and their zero interest rate policy (ZIRP). Admittedly, some of us favoured Richard Fisher’s (President of the Federal Reserve Bank of Dallas) philosophy that they should raise interest rates immediately so that companies will be more likely to initiate capital projects before interest rates rose too …

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Back to the Future

BACK IN 2007 . . . The following is an excerpt from the Q4 2007 Vertex Managed Value Portfolio commentary: “Our investment style has never been to pick trading points. Our process involves finding value, then looking out five years to assess how our companies will perform over that interval. Over short periods there are …

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