In times of stress I like to read letters and wisdom of great managers. This typically brings a calming effect and helps to keep a level head at a time when level heads do not prevail.

 Currently, we have seen the S&P fall by 25 percent YTD along with the Nasdaq down over 30 percent. Investment grade bonds are down double digits YTD, followed by gold, which is down close to double digits. There has really been nowhere to hide other than cash. In investing, just like anything else, perspective matters.  As I’ve written before, markets are typically uncertain.  We always have overhanging issues all over the world that could impact businesses in unknown ways. So much of investing is temperament and psychological.