Themes and Opportunities in 2017

In this month’s insight we look ahead to 2017.

Themes and Opportunities in 2017

Microeconomics is what we do, macroeconomics is what we put up with.

Charlie Munger, Berkshire Annual Meeting 2015

As we look ahead to 2017 at the close of a year driven by solid economic performance and good results for most if not all of our investments, but buffeted by political events, we want to focus on the microeconomics not the macroeconomics. The former drives our investments and we can benefit from that through our identification, analysis and selection of companies to invest in that have the quality and value to prevail no matter what the political and economic environment is. We cannot influence the latter. It affects our investments, much more in the short-term than in the long-term, and we can only attempt to understand it and estimate the impact it will have.

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