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VIP Update

5/25/2021

Mikey
   A tradition that began during the pandemic a year ago is fast becoming a favorite.  A journey to north central Arkansas, for the “Mother’s Day Caddis Hatch.”  We named it for the mothers, because of the proximity to Mother’s Day.  The first year was 2020 and three of us ventured out during the pandemic, after the ‘shelter in place” was lifted. Long before the “spikes”, and before vaccines had become the talk we heard daily.

  The tradition continued this year with double the participants. 
   In early May, mother nature has a phenomenon - she facilitates the hatch of the Caddis.  Water gets just warm enough, and these insects find their way from the bottom of rivers to the surface in a prolific fashion.  Thousands upon thousands come out of the nymph stage, find their way to the surface where their wings dry almost instantly, and then they fly away.  Unless, a roaming trout spots the bug, and then it becomes lunch! 
   My favorite species of trout is the non-native Brown trout which came to the U.S. from Europe.  They are known to be terrific fighters, and voracious eaters.  So, as much as I can, I target the Brown trout.  On my Wyoming trips, there are often junkets just to track the Browns with trips over Teton Pass to Idaho, as well as excursions to Pinedale, WY.  Many of you are beginning to wonder how I am going to connect this to investing…here you go.
   Fly-fishin’, as I call it, is much like investing.  It is important to educate yourself in order to determine your objective.  Whether you are going after big Browns, or great stocks, you must have a well-informed plan to improve your chances of success.  It is great to do all the homework you can, however, eventually you must execute the plan.  Then if the plan works, how can you improve it.  If the plan doesn’t work, what variable can be changed to improve the outcome?
  The recent year has been one for the ages.  The past quarter, the economy continued the recovery from the pandemic.  Our research process has brought us much success and am in awe of how good the quarter went for the companies in our portfolio.  We continue to learn and try to improve our chances of success.  We are pleased so far.
   Oh yeah, we were fishin’! We had a great time fishin’. We all caught a lot of the Browns we were after.  I was lucky - I caught the “fish of a lifetime” and named it Mikey.  Mikey was a 27” Brown trout and was the largest I had ever caught by 7 inches.  I wish I could say it was something other than luck, but I am lucky.  My college football coach Dennis Franchione used to tell us, “the harder I work, the luckier I get!” It is a mantra I also use with work. 
                             Enjoy the day…r2