We find it fascinating to hear Tony describe how much process, consideration, and analysis goes into building Oakmark portfolios. We encourage everyone who missed the webinar to watch the replay. Let us know if you have any questions or feedback on the discussion.

Last year reminded everyone that investing is hard. It can be uncomfortable and unpleasant. Market volatility can diminish willpower and cause determination to waver. The main risk is not portfolio declines. The real risk is that instincts override the discipline investors need to achieve their long-term plan.

In sum, everyone should take a moment to appreciate 2017 and pat themselves on the back. As always, the world offered many causes for concern. You overcame skepticism, remained disciplined, and profited.  

The best (though understandably frustrating) explanation for the present volatility is that stock markets are doing what they often do in the short-term: fluctuate unpredictably.

As you may know, we're big fans of Warren Buffett. His latest annual letter to shareholders is a buffet of fantastic takeaways, one of which we already shared.

Here's some more truth: