Extraordinary Times?

Change is good

Dear Fellow Shareholders:

Fed Chair Jay Powell recently noted that the economy is experiencing “extraordinary times.” There are several events to which he could have been referring. He could have been alluding to the trade war with China, which has dominated headlines for much of the year. He could have been referring to oil prices which have risen from $40 to over $70 and then collapsed towards $50. Another item to which he could have been referring is the yield curve, portions of which have already inverted. Risky leveraged loans are at record levels. And there is a whole array of geopolitical issues which may have been on Chairman Powell’s mind including Brexit, Italian budget issues, Paris riots, and the election of a left wing president in Mexico.

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Seeing is Believing

Sam Stewart, Spencer Stewart, Josh Stewart and Wes Golby of Seven Canyons Advisors describe to Value Investor Insight the profile of the “world innovators” they want to own, why such companies can be mispriced, where in the world they’re finding incremental opportunity, and why they see upside in Sarana Menara Nusantara, Photo-Me, Game Digital, Sony and Walt Disney.

Read the full article here

Sam Stewart Quoted by Michael Brush in MarketWatch Article – again!

Opinion: Here’s your seven-point guide for the next phase of the stock market

Shaken by the recent stock market volatility? Relax, this isn’t The Big One. A recession is still far enough away that we aren’t entering a sustained bear market.

But the tone of the market will undoubtedly be a lot different once the correction is over and we move into this bull’s senior years. Survival and success will depend on new tactics. Here’s your seven-point guide to late-cycle investing.

by Michael Brush

Read the full article by clicking here.

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Sam Stewart Quoted by Michael Brush in MarketWatch Article

Opinion: Don’t sell now — we’re not heading into a bear market for stocks

Stock investors, take a deep breath and repeat the following: This is not the beginning of a bear market. A recession is not at hand.

So don’t sell now. But don’t say you weren’t given fair notice.

Back in August here, and throughout the summer in my stock newsletter

by Michael Brush

Read the full article by clicking here.

Chairman’s Message

In my March letter to World Innovators Fund and Strategic Income Fund shareholders, I suggested the possibility that the economy may be undergoing a regime change–a term used by economists to denote a shift in the behavior of the economy. For the past 5 years, we have enjoyed a “good news, good news” economy. Rising growth rates led to declining unemployment rates. The stock market has been buoyant, almost doubling.  

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