The fourth quarter of 2020 witnessed an increase of 12.15% in the S & P 500, with the full year registering a resounding upsurge of 18.40% in the Index.
As the S & P 500 continues to waltz along, we are reminded once again of Chuck Prince, that metaphor that keeps on giving. In 2007, shortly before the financial crisis, the erstwhile CEO of Citigroup famously said that “as long as the music is playing, you’ve got to get up and dance”. Today’s stock market appears to be listening (and boogying along).
Letters to Clients
Home on the Range
In thinking back on the letters we’ve written over the years, it occurs to us that each one, in its own way, was an attempt to address how best to deal with uncertainty.
To Catch a Falling Butter Knife
As each of us experiences days that feel more like years, we thought it would be useful to let you know in greater detail how we at Marshfield are approaching this crisis.
Bondage and Discipline
We recently hosted a college intern for a day. His first question to us upon learning that we hadn’t bought a new name in over two years was: “Don’t you feel pressure to buy something?”
Spotlight from our Archive
Vive la Différence
Every once in a while we think it’s worth taking the time to review (both for ourselves and for our clients) the foundations of our investment philosophy.
Design Within Reach
Over the years, we’ve spent a lot of time expounding on our philosophy (which remains unchanged), our discipline (ditto), and our process (ditto, albeit with some tweaks here and there).