When Moore Isn’t Enough: Part II

“The risk that matters most is the risk of permanent loss.” – Howard Marks “When we speak of risk, we are not speaking of share price volatility. Share price volatility provides us with opportunity. When we speak of risk we are thinking about exposure to...

When Moore Isn’t Enough: Part I

It seems like every day there’s a new story discussing the global shortage in semiconductors/chips, affecting everything from smartphones, to computers, to data centers and medical devices (examples here, here, here, and here). Perhaps no industry better serves as the...