Insights

Bond Insight: Beyond the Coupon

Michael Anderson April 1, 2026

“Bonds are Confusing” is perhaps the most common thing heard from others at HiLine Capital Management. We are undertaking an initiative to provide –...

Evidence-Based Investing

Michael Anderson January 1, 2026

Evidence-Based Medicine became a formal movement in the continuous pursuit of improvement in the quality and consistency of clinical care. In the “olden days”,...

Cash Is King

Michael Anderson October 1, 2025

Occasionally markets are priced at more extreme levels due to excessive optimism or pessimism. Presently, the excitement surrounding the potential benefits related to Artificial...

The Future Is Uncertain – Part 2

Michael Anderson April 1, 2025

“Doubt is not a pleasant condition, but certainty is absurd” — Voltaire Covid started 5 years ago. At the time, the future was cloudy,...

Markets Within Markets

Michael Anderson January 1, 2025

“I can calculate the motion of heavenly bodies, but not the madness of people” Isaac Newton On December 31, 2024, The Wall Street Journal...

Same As Ever

Michael Anderson September 1, 2024

The night before the D-Day invasion, Franklin Roosevelt asked Eleanor how she felt about not knowing what would happen next. Eleanor replied; “To be...

The Long-Term Expectations Of A High Performing Economy

Michael Anderson July 1, 2024

The standard of living depends on the ability to produce goods and services and is described by the size of Gross Domestic Product (GDP),...

What Is Temperament?

Michael Anderson January 1, 2024

“A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a...

Charlie Munger – The Modern-Day Renaissance Man

Michael Anderson January 1, 2024

“Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.” –Charlie Munger The following is...

Temperament Beats Intellect In Investing

Michael Anderson October 1, 2023

“In the short run, the market is a voting machine but in the long run, it is a weighing machine” Ben Graham The following...

Long-Term Expectations: The Process Of Professionals Vs Amateurs

Michael Anderson July 1, 2023

“The investor’s chief problem – and even his worst enemy – is likely to be himself” – Ben Graham Ben Graham discussed the difference...

Control The Controllable Part 2: Liquidity Risk

Michael Anderson April 1, 2023

“The essence of investment management is the management of risks, not the management of returns.” –Ben Graham Since 1982, the investing world has only...

Control The Controllable

Michael Anderson January 1, 2023

“Forecasts create the mirage that the future is knowable.”–Peter Bernstein The investing year of 2022 shocked most investors with inflationary forces as the primary...

Stress Testing Is Key To Risk Management

Michael Anderson October 1, 2022

“The essence of investment management is the management of risks……not the management of returns” –Ben Graham The current investing environment may be classified as...

Income Investing In A Rising Rate Environment

Michael Anderson April 1, 2022

Interest rates are like gravity in determining the overall stock and bond market valuations. A high interest rate increases the gravitational pull-on valuation. Conversely...

The Risk Of High Growth Expectations

Michael Anderson January 1, 2022

Growth Expectations Often Overly Optimistic The analysis of historical growth rates is best illustrated by the McKinsey book “Valuation.” McKinsey categorized all companies into...

Margins of Safety 4 | | Hi-Line Capital Management

Margin Of Safety

Michael Anderson October 1, 2021

Adequate Diversification = Insurance A poor outcome may occur at the individual security level even though an adequate margin of safety appeared to exist....