As humans, we like to generalize by putting understandings in one category or another. However, the real world does not always fit into such neat organization.

Most often reality is a continuum with many categories; a veritable patchwork quilt.

This patchwork is a good way to describe our current investing environment. There are pockets of strength and weakness coinciding together. Certain categories are favored by current trends, like cheaper energy prices while others are hurt. There are many other trends producing both winners and losers as well.

It is our job to sort through all of this complexity and make good decisions that increase values over a reasonable period of time.

This is nothing new; this is what we always do. Have faith in our process and stay steady my friends.

the Lonely Bull