When Doves Cry (Oct 2014)
David B. Iben, CFA discusses why we believe that valuation is the key determinant of risk (permanent loss of purchasing power) and why short-term price fluctuations are not risk, but are an annoying, often painful, creator of opportunity. While When Doves Cry reminds us of the Fed’s cooing over taking the risk out the marketplace, Prince’s apocalyptic anthem, 1999 will be used as a medium to lay out quite a bullish case for active management.