Quarterly Letter
View the Fund's S.E.C. standardized returns, rankings and other important disclosure information
Auxier Report: Spring 2017
Mar 31, 2017
“So far, publicly traded stock supply has continued to decline through a combination of corporate stock buybacks fueled by cheap debt, leveraged buyouts and mergers.”
Auxier Report: Winter 2016
Dec 31, 2016
“We have had an earnings recession for the past six quarters. Stock price gains for most companies have far exceeded the growth in underlying business value. Massive share buybacks and historic low interest rates have acted as a buffer.”
Auxier Report: Fall 2016
Sep 30, 2016
“In our study of panics over centuries, we see how a semi-informed public will pool up in rising expensive markets only to unwind in down markets.”
Auxier Report: Summer 2016
Jun 30, 2016
“Historically, market indices can be flat for decades. The Dow Jones Industrials rose one measly point between 1964-1981.”
Auxier Report: Spring 2016
Mar 31, 2016
“Our competitive advantages are cumulative knowledge of individual businesses, passion for research, and emphasis on price versus value.”