Earnings season has become a very volatile period, and investors are now much more sensitive to misses than to [positive] surprises.
There's increasing recognition that the Fed is not quite done. It means that the economy is going to get weaker, and that may put pressure on earnings in the second half.
We don't really see any merit to limiting our investment universe, so we'll hold large-caps and small-caps, as well as domestic and international stocks.
A lot of the distinctions that are taken as conventional wisdom, or even gospel, don't necessarily make a lot of sense to us. For example, growth stocks can be undervalued, and value stocks can be overvalued.
Energy infrastructure is something that's been neglected the past 10 to 15 years, so there's a tremendous amount of catch-up in the industry to get the expansion back up.
This is a company a lot of people might think may have difficulty going forward. You would think faxes are obsolete, but the process is becoming more efficient as we've moved to taking them to online from paper.
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