A moat is just a hole in the ground with a liar standing next to it.

Hussman first got bearish in his newsletter in 95. By the time the market finally corrected, post Internet bubble, it bottomed above where Hussman had become bearish. In my mind, this is called the ‘Hussman trap’. When your timing is so bad that even when you’re finally right you’re still wrong.

Great pick for Misitano & Stracuzzi's advisory board. I don't know how it'll play out but the company is moving in the right direction.

I expect some M&A as soon as the new facilities are completed. Given their size, there should be room to buy smaller firms at reasonable multiples