Bad news: It has been 50 years since we experienced an ugly Humpty Dumpty market fall like this. All the king's horses and all the king's men couldn't put Humpty together again. As a fundamentalist, there was nothing I could do as I watched great company after great company get their market values Humpty-Dumptyed. 

The first three months of 2022 have been rough. Every day the cries, the moans, and the sobs are about inflation, supply chains, and the devastating Russian assault on Ukraine.

In my last letter, I discussed successful long-term investment as a cycle of Push. Fall. Rise. Repeat.  Deeper observations and additional reflection on my part—and recent Brexit volatility—confirm that being a long-term investor means experiencing turbulent events regularly.

Be still! The effectiveness of this simple but profound wisdom has proven valuable for thousands of years. Adherence to “Be still” has been profitable for successful long-term investors like Warren Buffett, yet it is very hard for many investors to follow, especially during market turbulence.