Back in the snowbird chapter of my life, we learned that stormy weather—rough seas—washed a wealth of interesting shells up on the beach. Looking for shells was always more fruitful when the weather had been rough.

The world situation and our markets have been nothing if not stormy this year! War has few parallels as a human tragedy; the economic ramifications are widespread.

Some of our holdings have risen in price because of the disruptions: raw materials and miners and energy, for example. Others have gone the other way.

But overall, we’re pleased with how our holdings have behaved.

Just as rough weather washes shells up on the beach, we’ve found new opportunities in the rough markets. The other thing that turmoil brings us is the chance to rebalance—take some money off the top of things that have gone up, add to the bargains that emerge among our holdings.

While some are paralyzed by the commotion, we’re finding that our principles are serving us well:

• We look for the best bargains
• We own the orchard for the fruit crop
• We avoid stampedes in the market

Clients, want to talk more about what this means for you? Reach out, at any time.

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