“RETREAD – Value Is A Lot Like Character”

“RETREAD – Value Is A Lot Like Character”

By Julien B. Booth

April 26, 2022

I hope this note finds you and your families doing well.

A little over a month ago I sent a note: “Value Is A Lot Like Character”

Quick update – the FOMO (fear of missing out) stocks of 2021 have now officially crashed.  The Nasdaq has technically crashed YTD.

The tide is rapidly receding on the story telling, high leverage, and otherwise reckless companies of the 2020-2021 period.

Perhaps I should be cynical after doing this for 25 years, but I am actually far more grateful.  I am grateful for the character quality of the

people for which we work.  Each of you is a person that values integrity and character.

Rest assured, quality businesses will prevail as the reality of the world returns.  We are not worried.

Thank you for allowing us to work for you.

Julien B. Booth

Chief Investment Officer – Fixed Income & Real Assets

BRC Wealth Management