That is the investing future; long and winding.

Over the past nine years, investing has been straightforward. You needed to be in and committed on a broad front. Indexing made sense. Many investment specialists had trouble doing as well. Thankfully, we did much better, but this world is changing. Now that everyone has caught on to what has been working, it is likely to change. Indexing is dead.

We predict that the broad market may not make much headway for a long time. A broad trading range is what we expect. However, within that universe, there will be as many losers as winners. It will be even more important to be selective and focus upon those sectors and specific companies that can continue to create value. These may be unheralded today, but recognized tomorrow.

Businesses change, and investors need to change with it. We love this kind of environment because it allows us to do what we do best; find value and grow capital; stay steady, my friends.

the Lonely Bull