We humans are strange creatures. We’re at once deeply rational but susceptible to seduction by pleasing illusions. We want to be ourselves, but we also crave the embrace of the group.

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We underperformed the S&P 500 Index this past quarter, a phenomenon not unusual in either our recent or more distant past.

Watch the highlights from the 2025 Marshfield Investor Conference.

One way to survive chaotic markets? Invest in companies that thrive on it.