What is Pat's commentary for the week of March 25, 2014?

Here’s the text of the quarterly letter I recently sent to our Portfolio Management clients:

“Many investors today feel uneasy about the future value of the U.S. dollar. The dollar is the key to the world monetary system. But its value is at the mercy of… Read More

Pat: I am a new Inner Circle member. Can you explain why you designate REITs as manufacturing-sector investments? In other publications, REITs are often considered part of the financial-services sector. Thanks for your advice.

One key criteria for deciding if a company falls into the manufacturing sector is whether it behaves in a cyclical or non-cyclical manner. A manufacturing company is subject to the ups and downs of the economic cycle. In contrast, consumer firms benefit from continuous and… Read More