​Even during the summer vacation, rules are in place and must be followed. I’m sure many of you understand the truth about children and the old saying concerning idle hands and the devil’s workshop. I don’t believe Carter is working for the devil, and maybe the milder, “an empty mind is a mischievous mind” suits better, but lately that son of mine has been on a carousel of “escapades” and “life lessons”. Depending on who you are, summer “vacation” is a matter of perspective. 

​We are in the summer months now. Even a quick trip to the car to get an umbrella leaves my clothes sticking to me. And while I hate the heat, I really enjoy the sporadic thunderstorms the summer brings. I do know that is not so for many people, especially those with old injuries and arthritis. I can see firsthand the discomfort and pain all the humidity and pressure bring my wife. 

​Carter and I recently had our combined hair cut appointment. An older gentleman was coming in behind us, and as we were holding the door for him, he was playfully commenting about his age. I am sure Carter viewed him as a much older person than I did. Strangely enough, I had never met the man, but knew exactly who he was because of the shirt he had on. It was the name of the business he used to own, which was also his, and his son’s, namesake. I reached out and shook his hand and asked if he had a son named David, and our trip down memory lane took off from there. 

Two good quotes from two of the most famous value investors, and ones we’ve referenced many times in our letters and meetings. That first quote by the father of value investing just means that in the short term the stock markets, and the individual companies that make up those markets, are valued hastily by people influenced by their emotions, the media, and their peers. However, over time, as more logical and common sensical evaluation methods are put to work, the true value of those companies and markets are more accurately represented.

Here we find ourselves, past the Ides of March and zooming into a completion of the first quarter of 2025, and I feel that it is necessary to address the current doom and gloom. I know I tend to seek out the better side of things in most scenarios, but I also try to keep my “glass half full” bias in check. While I’m not an alarmist when it comes to prophesying doom, I am quite at home amidst gloom. Last week we were warned of an inclement weather event headed our way over the weekend, with powerful thunderstorms and wind gusts. I know other places had a harsher storm than us, but I found myself happily strolling Main Street with coffee and an umbrella. I love the rain, especially in the morning when it keeps the world dimmer than usual. I perceive those stormy, gloomy morning shrouds as sheltering our protected lives at home and enhancing our rest and dreams.
 
I know the news has been upsetting, and we are now seeing and hearing the words correction, recession, inflation, and bear more than we would wish. It is uncomfortable to say the least, but even more so amidst the overwhelmingly negative political news. Our leaders should be combatting fear, not stoking fires, but both sides seem ready to use any fear that is handy as a weapon to sully the other side. Unfortunately, this seems to be the new normal in the political realm.

Happy New Year! I hope your holidays were joyous and warm, and you’re enthusiastically headed into 2025. Personally, I think things always seem a little frantic at the beginning of a new year. We all have new dreams, but many of us also have new year needs. Our phone usually stays a good bit busier, and the level of paperwork runs a bit higher. This year, a lot of people seem to be starting the new year off with one sickness or another as well. My Christmas was extended for two additional weeks because Carter decided to unveil a fever and cough Christmas morning. That didn’t get in the way of opening presents of course, and he remained excited throughout the holidays, albeit a tad slower than usual.
 
While there is a lot of change in the air, I am still looking forward to a good year. As I’m sure I’ve said countless times, most of us aren’t all that well equipped to enjoy changes from the start. However, even if we continue to hold on to “the good old times” and the way things were, when pressed it’s usually easy to find things we admit are better now because of the changes that occurred.