"While the Fed is talking about being measured and data dependent, they're potentially playing with fire here because they could start spontaneous combustion that they can't control."
"The risk to the equities market is in the fixed income market, and that rattle we saw in Germany can very well affect us. It's the way it happened, it's the volatility and the swiftness of the move that should scare investors who are in fixed income right now, saying, 'Should I really be here?'..."
- Shares in successful businesses from all over the world, on an index-unconstrained basis;
- With competent and honourable management;
- Who think like owners because they are owners;
- With companies that have little or no debt;
- And crucially, not to overpay for shares in such businesses, but to maintain the 'margin of safety' that comes from buying them at hugely attractive multiples.