Corporate profit margins finished 1999 at just a shade under 6% of U.S. GDP.

"Those who cannot remember the past are condemned to repeat it," wrote philosopher George Santayana in 1905.

We believe index funds have immensely contributed to investors by permitting them to capture beta inexpensively.

For the year ending December 31, 2021, passive mutual funds and ETFs reported estimated net inflows totaling $958.43 billion, compared to estimated net inflows totaling $249.91 billion for actively managed funds.

In June of 2021, KCR’s Equity Research Team wrote a brief but pointed review of the legendary treatise on value investing, A Margin of Safety by Seth A. Klarman.