Keller Quarterly

Keller Quarterly (January 2017)

Letter to Investors 2016 was full of surprises, and we expect that 2017 will be just as surprising. As we discussed in last quarter’s letter, the job of an investment manager is to navigate the world that is, not the world that we would like to have. Thus, rather than try to correctly predict what… Read More »

Keller Quarterly (October 2016)

Letter to Investors In our July letter we wrote about the “is-ought problem,” the tendency to confuse the world we have with the world we wish we had.  As we noted then, this problem represents a major danger around election time for investors (and others).  The danger is that investors may be so consumed with… Read More »

Keller Quarterly (July 2016)

Letter to Investors In my travels around the country this year, meeting with clients and advisors, I’ve been struck by the high level of political passion (both optimistic and pessimistic), similar to what we see both in the political arena and in the media. Inevitably, I’m asked what I think about it all. “Who do… Read More »

Keller Quarterly (April 2016)

Letter to Investors An avid baseball fan once invited a business associate to a game.  The associate was not much interested in baseball, but he agreed to go.  They travelled to the park separately.  The true fan got to their seats first well before the game started…and what a game it was!  Both pitchers were… Read More »

Keller Quarterly (January 2016)

Letter to Investors The turning of the annual calendar occasions all sorts of prognostications in our profession.  We prefer not to think in terms of forecasts, but rather in terms of probable scenarios. All sorts of things are possible in 2016, but not all scenarios are equally probable.  For example, a great many purveyors of… Read More »

Keller Quarterly (October 2015)

Letter to Investors Back before talk radio became the domain of either political opinionates or “shock talkers,” it was dominated by the friendly conversation of morning humorists in the path established by Arthur Godfrey.  Here in St. Louis, a very funny fellow named Jack Carney dominated the airwaves in the mid-morning for a generation.  At… Read More »

Keller Quarterly (July 2015)

Letter to Investors I once had a seventh grade teacher tell my class how lucky we were to be citizens of the United States.  Of course, we all took it for granted.  We didn’t know anything different…but she did.  You see, Mrs. Danishevsky, who taught us Russian, had emigrated from the Soviet Union and knew… Read More »

Keller Quarterly (April 2015)

Letter to Investors We lead off this quarterly letter where we ended our previous one, with the same quotation by Ben Graham, the father of securities analysis.  He wrote in his wonderful book, The Intelligent Investor, “Indeed, the investor’s chief problem – and even his worst enemy – is likely to be himself.”  What a… Read More »