Annual Report Letters

 
  • Wisdom, by Steve Sherwood

    03/13/2023

    Now is not the time to be making bold predictions about the future of the U.S. economy. There are too many one-time events that have occurred during the... Read More

  • Insight, by Gary Carmell, CFA

    03/13/2023

    Over the years compelling insights have played a major role in CWS’ investment success. To generate powerful insights requires an active and curious mind,... Read More

  • Discipline, by Mike Engels

    03/13/2023

    What a difference a year makes. Last year at this time, this letter almost wrote itself. Whopping rental increases on top of super low interest rates were... Read More

  • Action, by Bill Williams

    03/13/2023

    As a long term, 50+ years CWS investor, I have been through many market cycles and global events: wars, pandemics, irrational exuberance…the works. And... Read More