July 2021: Inflation returning
Substantial and prolonged inflation is a substantial risk to investors today. Our belief is that the best thing one can do to prepare for inflation is to invest carefully and prepare to manage through challenging times. We cannot predict when the inflation we are seeing now will accelerate or slow down. In the absence of the ability to time the market, we are still confident that American industrial businesses will continue to be good investments. And great small industrial companies are everywhere. We will therefore continue finding, acquiring, and supporting the companies that we see as the backbone of America's economy.