

Views & Insights
Periodically we publish content that puts our principles and views into practice, because education is an essential component of long-term investment success.

PDF: Horse Sense
The View | January 2003
Jim Grant, the editor of Grant’s Interest Rate Observer and guest speaker at Burgundy’s 2000 Client Day, once wrote in a typically elegant formulation that “the tricky thing about...

PDF: Wise Passivity, Cautious Opportunism
The View | November 2001
“‘To enjoy the benefits of time’ was one of the chief maxims of the statecraft of the age. Time untied so many knots, cancelled the necessity for so many desperate...

PDF: A Year of Living Dangerously
The View | May 2001
When you saw the title of my presentation today, I expect you thought we were going to review last year’s peculiar markets. That would have given us the opportunity...

PDF: Margin of Safety
February 2001
“In the old legend the wise men finally boiled down the history of mortal affairs into the single phrase, ‘This too will pass.’ Confronted with a like challenge to distill...

PDF: Indexers, Arbitrageurs and Organ Donors
The View | December 2000
The investment strategy that has been the biggest winner with clients in the last quarter century is neither a growth strategy nor a value strategy. It is index investing, known...

PDF: Horatio's Answer
The View | April 2000
There is a conversation that takes place in Act I, Scene V of Shakespeare’s Hamlet that has been running through my mind lately. The exchange is between Horatio, an...

PDF: The Ham in the Sandwich
The View | October 1999
Ladies and gentlemen, you have been drawn here under false pretences. Your program agenda made reference to our firm’s February publication, and implied that I would be referring to...

PDF: Unforced Errors
The View | July 1999
In the aftermath of our last View from Burgundy, two things became obvious to us. One is that our readers are ardent cinema fans, since our initial lapse in casting...