Religion and politics are not to be discussed in polite company.  We get it.  But indexing?  It seems few topics draw the ire of the zealots and ideologues.

Indexing is but a tool.  It’s neutral.  It has its pros and cons.  It has its place.  But to blindly marry oneself to an ideology?

We are happy to share written in a typically whimsical and anecdotal style the Tweedy, Browne 3q16 shareholder letter.  This plan language discussion of management performance in the context of market environment is chock full of investment goodness.  We’ve underlined a few of our favorite passages.

In a loosely related sense we include the Baron Capital 3q16 shareholder letter.  With a nod to the Piano Man and The Boss we learn in a similarly anecdotal fashion the many benefits of “living here in Allentown.”