Words to Remember
Following The Crowd Is Not A Strategy 🧠
“Know what you own, and why you own it.”
Why we ran it
Wall Street had a new acronym, HALO (Heavy Assets, Low Obsolescence), and capital was rotating toward companies with real, hard-to-replace assets. Rotations pull people into names they cannot explain. Lynch's rule is the test before joining one.
From the April 17, 2026 issue: A HALO Made Of Steel →