We cannot stress the subject of mitigating risk enough, especially in our rapidly changing world. Managing risk is crucial to an effective long-term plan for preserving and creating wealth. Many may seem adept at managing money during upturns, but fail to have a sound strategy for enduring and taking advantage of downturns. Our research efforts enable us to know the quality businesses behind the stocks we hold very well and this gives us the confidence to maintain, and even increase, our shares in these stable companies when the market drops. Read the Letter from Cobleskill.