The Coteau 7/15

The View from Bannerstone Capital Chlorophyll, Aeolus, and George A. Stephen, Sr. “The foresight of financial experts was, as so often, a poor guide to the future.”    –John Kenneth Galbraith Ah, summer. It’s the time of infinite chloroplasts and shimmering cicadas, enthusiastic mornings of birdsongs and stubborn evenings of tiny brown bats flitting overhead Read More …

The Coteau 5/15

The View From Bannerstone Capital Intuition, Francois Servois, and Elisha Graves Otis “When the facts change, I change my mind. What do you do, Madame?” —John Maynard Keynes Investing is difficult; have you noticed? Almost nothing about it is intuitive except the idea itself: You invest because you want more, later. Let’s just say you, Read More …

The Coteau 12/14

The View from Bannerstone Capital    by Biff Robillard Volume 7  No. 3                                   November 2014   Brian Kelly, Phasianus colchicas and Milton Friedman     “We are running the risk of another oil crisis when demand outstrips supply around 2014 or 2015. There won’t be enough oil and gas by the middle of the next decade.”                                                                                                                                                                                             —Christophe Read More …

The Coteau 6/14

The Coteau The View from Bannerstone Capital by Biff Robillard Abu Dua, Double Irish and Sea Squirts  “plus ça change, plus c’est le mame chose” –Jean-Baptiste Alphonse Karr   I don’t speak French and many of you know it. Allow me to destroy my inadvertent inference for the rest of you: “the more it changes, Read More …

The Coteau 3/14

The Coteau The View from Bannerstone Capital by Biff Robillard   Bicep2, Branta canadensis and Nikita Khruschev “Endurance is patience concentrated.”—Thomas Carlyle Inflation may be hard to find in macroeconomics these days if you ask Janet Yellen. Ever since the monetary policy shock therapy beginning in 2009, economists have more or less held their breath. Read More …

The Coteau 10/13

The Coteau The View from Bannerstone Capital by Biff  Robillard   Zoonosis, Ruth Patrick and Bay Ridge, Brooklyn  Do well and you will have no need for ancestors.  –Voltaire Sometimes I am just glad I am not dead already. It’s a miracle we aren’t all dead. I am reading David Quammen’s Spillover: Animal Infections and Read More …

The Coteau 6/13

The Coteau The View from Bannerstone Capital      by Biff Robillard Chrysemys picta, Wet Gunpowder and Error by Design  “Always remember the future comes one day at a time.” –Dean Acheson Transition is often tricky. I characterize the current investment environment as one of impending transition, maybe nascent transition. Transition is essential, of course. It’s the Read More …

The Coteau 4/13

The Coteau The View from Bannerstone Capital       by Biff Robillard   Hipparchus, Hobby Hobson and Anton Chekov   Spring is sooner recognized by plants than by men. ~Chinese Proverb The vernal equinox, first described by Hipparchus two thousand years ago, has come and the northern hemisphere increasingly basks again in the warmth of a distant Read More …

The Coteau 1/13

The Coteau   The View from Bannerstone Capital            By Biff Robillard Thirteen, Pegs and Hem   Successful investing is having people agree with you later.   –Joe Robillard   Lucky 13? I happen to like the number 13. Here we are in 2013, year one of a presidential term and year, let’s see, five or six since Read More …

The Coteau 1/14

The Coteau The View from Bannerstone Capital by Biff Robillard Haggis, Bupkiss and Shale Gas  The problems of victory are more agreeable than those of defeat, but they are no less difficult. –Winston Churchill Now we know what a polar vortex is. Oh, happy day! It somehow reminds me of haggis. I was perfectly happy Read More …