Steven Romick’s Q2 Letter

As bottoms-up value investors – but not to the point of being blind to the 30,000-foot view – we believe one ignores the macro at great peril. Therefore, in this letter we will share some of the big-picture considerations that are integral to our investment process. We’re left with the view that the world will continue to see bouts of high volatility and that the level of economic growth in developed economies will probably be less than most expect. We do not believe the markets have priced such expectations adequately.