While meaningless in the short term, we think it is important to look at things through a wide-angle lens. For instance, as of May 2017, the total market capitalization of all U.S. stocks combined..
Long Short Equity: If Not Now, When?
Risk in Safety & Safety in Risk
To summarize our outlook and positioning, we see great opportunity in “risky” equities and great risk in “safe” equities – because price determines one’s margin of safety.