Letters to Clients
The Ghost in the Machine
Objectivity is not all it’s cracked up to be.
For Whom the Bell Tolls
Resilience: a must-have quality for Marshfield companies.
Talk to the Hand
An exploration of industry structure and its impact on Marshfield stock selection.
Game of Thrones
The importance of having an appropriate corporate culture and how we incorporate an analysis of it into our decision-making process.
Breaking Up is Hard to Do
Why we sell – and keeping feelings from getting in the way when we do.
Living in the Past
Mitigating the impact of cognitive biases and preventing them from creeping into the decision-making process.
Home on the Range
Managing risks and living with multiple possible outcomes.
To Catch a Falling Butter Knife
Sticking to our discipline and adhering to our process during times of adversity.
Bondage and Discipline
Being true to our investment discipline is not always easy, and that’s precisely the point.
The Human League
Investors can become intoxicated by technological innovation, yet it is often the human element that separates the wheat from the chaff.
Poll Dance
Knowing what’s knowable and what’s not – and taking refuge in our process.
Blood on the Tracks
How surprises present opportunities.
Wall Street Stories
Investing in companies, not fairytales – and knowing the difference.
Whither England?
Brexit: what does it mean for us?
First Rate
Thoughts on Moody’s Corp.
What's Going On
Causes of volatility: what’s real, what’s fantasy, and exploiting misjudgments.
Shop't
Opportunity in the evolving retail ecosystem, and the Ross Stores example.
Diamonds are Forever
Investing, like baseball, is a long game: near-term performance is not always indicative of long-term success.
There's No App for That
Competitive advantages that endure … and that technology is unlikely to supplant.
Vive la Différence
Marshfield’s investment philosophy: how we are thoughtfully different.
Opportunity Knocks
Opportunistic investing: a rational approach to an unknowable future.
Price Points
A company’s pricing policy: what it can tell you.
Show Time
Exploiting the luxury of time in investing.
Let's Get Physical
Where do we invest if the agents of change themselves are so easily displaced by the next generation of innovators? Hint: not everything changes.
A Fistful of Dollars
Risk control and opportunity in an unpredictable world.
Springtime for Banking!
Banking: what hath the financial crisis wrought?
High Anxiety
In regard to the noise, skepticism is your friend.
Cheap Tricks
Intrinsic value: an antidote for misjudgments and emotion.
Book 'em, Danno
All banks are very much NOT the same.