With the British vote to exit the European Union (Brexit) now complete, there are many questions but no definitive answers just yet. We are analyzing the situation and monitoring our holdings closely, as always. Fenimore, the investment advisor to FAM Funds, has a long history of money management through multiple economic and financial market cycles — and geopolitical events.
We’d like to reiterate that we view stocks as an ownership stake in a business rather than a means to speculate on geopolitical outcomes, macroeconomic dynamics, or money flows between capital markets. Fenimore believes the best way to preserve and grow capital is to invest in companies with: competitive advantages, pristine balance sheets, sustainable high returns on invested capital, adept leadership, and reasonable growth prospects.
With Brexit, now may be a good time to read the attached timeless paper on “The Value of Patience.” It examines two prominent, return-diminishing investment behaviors: Market Timing and Performance Chasing. FAM Funds Value Of Patience PDF Download.
If you know your course, it’s important to consider staying the course. From our Chief Investment Officer John Fox to our investor services professionals, we are accessible if you’d like to stop by or speak on the phone.