This quarterly member publication is authored by MOI Global contributor and Zurich Project participant Peter Coenen, a value investor based in the Netherlands.

“The basic reason for the cyclicality in our world is the involvement of humans. Mechanical things can go in a straight line. Time moves ahead continuously. So can a machine when it’s adequately powered. But processes in fields like history and economics involve people, and when people are involved, the results are variable and cyclical. The main reason for this, I think, is that people are emotional and inconsistent, not steady and clinical.” –Howard Marks.

Recently, Howard Marks published a book, entitled Mastering the Market Cycle. Carl Icahn wrote on the back cover of the book: “If you’re uncertain as to wether there will be a correction in the market, or if you think there’s no reason to worry because this time it’s different, you have to read this book before you make a move.”

In this edition of Intelligent Cloning we will reevaluate Allison Transmission, one of the consitituents of the Intelligent Cloning Portfolio, and look at the long-term performance of this company through a different lens.

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