This week on our Masters in Business interview, Bill Miller of Miller Value Partners, which manages $2 billion in client assets. Miller is best known for running Legg Mason’s Capital Management Value Trust, whose after-fees returns beat the S&P 500 index for 15 consecutive years from 1991 through 2005.
He explains some of the difference between the current environment versus the 1990s. The day traders are “trivial” relative to daily market volumes versus an era where day traders where everywhere, with a much greater impact on markets. He owns many of the big cap tech stocks, which are “radically cheaper” than they were in the 1990s.
Miller discusses when and how “Value” beats “Growth” — and vice versa. Since the Market bottomed in March, Value has beaten growth. Over the relatively short term, coming out of the 2020 recession, he thinks value will beat growth for a year or two, before growth reasserts itself. Low nominal growth rates and low inflation are more challenging for Value stocks, and make Growth stocks look cheap.
He also finds bonds pricey and uniquely unattractive.
We discussed the rise of passing indexing in our 2016 MiB conversation — Miller still believes that “Active management is in secular decline.” He adds that most active managers “don’t add value, are closet indexers, and are too expensive.” He expects active mutual funds to continue hemorrhaging capital. Another investment vehicle that is looking at looming Hedge funds have also dropped into a similar liquidation mode in an era of low rates and meager trading profits, 2% + 20% no longer makes sense. He believes hedge funds will also see outflows similar to active mutual funds.
He was a buyer of Bitcoin when it was $200-$400 dollars, and at one time was one of the top 100 holders of BTC. He thinks blockchain technology will find all sorts of new applications int he future. One of the things that makes Bitcoin so different form equities is that the higher the price goes, the more legitimacy Bitcoin gets. Stocks become more precarious under similar circumstances.
You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Overcast, Google, Bloomberg, and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business next week with Martin Franklin of Mariposa Capital. Franklin is an entrepreneur who founded 7 companies, notably: Jarden Corp., Nomad Foods Ltd. and Element Solutions, Inc. and is credited with successfully reviving the use of SPACs, or blank check companies, as public vehicles for long term M&A.
Bill Miller’s Favorite Books
The Magic Mountain by Thomas Mann
Frederick Douglass: Prophet of Freedom by David W. Blight
Nature by Ralph Waldo Emerson
Frank Ramsey: A Sheer Excess of Powers by Cheryl Misak
Karamazov Brothers by Fyodor Dostoevsky
War and Peace by Leo Tolstoy
Moby Dick by Herman Melville
Heart of Darkness by Joseph Conrad
Blood Meridian: Or the Evening Redness in the West by Cormac McCarthy
A Treatise of Human Nature by David Hume
The Varieties of Religious Experience by William James
Essays in Experimental Logic by John Dewey
Schopenhauer: The World as Will and Representation: Volume 2 by Arthur Schopenhauer
Reminiscences of a Stock Operator by Edwin Lefèvre
John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman by Robert Skidelsky
On woke capitalism
Just because you are an idiot doesn't mean you are always wrong. So it is with James Cleverly's denunciation of Ben & Jerry's "virtue-signalling" after the company spoke out against the government's ill-treatment of migrants.
The thing is, he was right. Ben & Jerry's fine words contrast with the company's reluctance to improve the rights of its own workers until it came under huge pressure to do so - thereby demonstrating the truth of Marx's claim that "capital is reckless of the health or length of life of the labourer, unless under compulsion from society."
But of course, Ben & Jerry's are not alone in their hypocrisy. Amazon (among many other companies) has spoken in support of Black Live Matter despite being a notoriously bad employer. Facebook and Twitter bosses have supported BLM whilst allowing race hate speech on their sites. Starbucks enthusiasm for being "an ally to the lesbian, gay, bisexual, transgender and queer community" is matched by its enthusiasm for avoiding tax. And as Sarah O'Connor points out, several "sustainable" fund managers are better at PR than at actually forcing improvements in working conditions. And so on and so on.
Blackwashing is the new greenwashing. Luke Savage is right. What we're seeing here is "the commodification of social justice" - using virtue-signalling to shift more product. Sometimes, the twin goals of capitalism - raising profits and trying to legitimate the system - happen to coincide.
All of which poses the question: is "woke capitalism" feasible or even desirable?
Certainly, capitalism has historically been associated with patriarchy, racism and slavery - although the contribution of the latter to capitalism is still a matter of debate. But of course, so too have been other modes of production.
The question is: are racism and sexism inherent features of capitalism?
There are two reasons to suspect so. One is that racism fulfils a useful function by dividing the working class and promoting national identity at the expense of class consciousness: Tory and media attempts to stir up anti-migrant feeling whilst employment is collapsing is just the latest example of this.
The other is that in capitalism those with little bargaining power lose out relative to others - which means that women and migrant workers often get a raw deal. In this context, the idea that sexism and racism could be eliminated if only capitalists were more woke is a mistake. Some injustices arise from emergent processes independent of intentions. As Marx wrote:
[The fate of the worker] does not, indeed, depend on the good or ill will of the individual capitalist. Free competition brings out the inherent laws of capitalist production, in the shape of external coercive laws having power over every individual capitalist.
Granted, some have been more optimistic about these external coercive laws. Gary Becker, for example, thought that competition could eliminate discrimination - although it seems it is yet to actually do so.
Let's assume, however, that all this is wrong and that capitalism could be woke, in the sense that there were no gender or ethnic pay gaps, that women and minorities were as likely to achieve prominent positions as white men, and that there was no racism or sexism in the workplace. What then?
Well, every criticism Marx made of capitalism would still be on the table. Marx did not criticise capitalism because of its racism and sexism* - a fact that has historically led some Marxists to understate the importance of these. Instead, his complaints were that it was alienating, oppressive, a force for inequalities in wealth and power, and prone to crises and stagnation. The fact that capitalism currently works to the disproportionate benefit of mediocre white men is but one of its flaws.
Of course, you can deny the force of these criticisms. But the point is that Marx's critique of capitalism is independent of racism and sexism. Even if we had the most perfectly woke capitalism, Marxists would find huge problems with the system. (I think rightly, but that's by the by.)
All of which is to endorse Helen Lewis's point, that there's a big difference between social and economic radicalism. Some - maybe many - capitalists might be the former, perhaps sincerely. But they are not the latter.
* With the caveat that the process of primitive accumulation was often accompanied by racism.
TikTok dust up
As in the rest of this series I am the skeptic of jumping in to Cold War II — or at least against lashing out against all things China without an overall strategy. So I pushed hard on my colleagues — Be specific. Just exactly what is the danger you fear about allowing a Chinese social media company to operate in the U.S?
Let us remember TikTok is a private company, not a direct arm of the Chinese Communist Party. It loudly says it keeps data private and locates that data outside China. Certainly, one could and should ask for long lists of assurances on data privacy to be allowed to operate in the US. Yes, under Chinese law, the Chinese government can demand data. And then we’ll see what happens. But let us not confuse the facts on the ground as they are.
But admitting all that, be specific. Exactly what is the danger to US national security if the Chinese Communist Party gets TikToks data that finds Suzie Derkins really likes fluffy cat videos? What is special about Chinese ownership that makes TikTok super-dangerous?
Judge for yourself, as it is unfair for me to post too many late hits at my colleagues’ responses, but I remain unconvinced. Sure, 40 years from now Suzie might be a Supreme Court nominee and China might release an embarrassing video from her teenage years. But China can archive Reels or twitter or YouTube just as easily.
Many other answers seemed to me to veer off to other issues. Niall thinks TikTok is like crack cocaine, addictive to young and feeble minds, because it has AI algorithms that feed what you want to read. OK, but that has nothing to do with China and national security. Reels will be just as bad. HR is back to countering China’s quest for “economic dominance.” But I guess that means cutting off all Chinese companies, and we’ve had the argument before whether strategic mercantilism or innovation is the right answer there.
The argument broadened to one of general freedom of speech and regulation of the internet. Niall is still worried about all the fake news, and thinks that by regulating internet platforms as publishers all will be well. I notice current publishers are full of fake news too, and that the internet allows much more freedom to respond, and provide a counter-narrative. There is a bottom line, I think, whether one trusts people with freedom of speech and counter-speech, or some hope that some regulatory system, either top-down (which Niall disavows) or through the legal system, being able to sue publishers for wrong stories, will stem fake news and protect people from their feeble-mindedness. It’s a second-best world — I notice all the gatekeepers are just as feeble minded, and trust caveat emptor a lot more, I think, than my colleagues. Facebook’s idea that all postings on covid-19 must conform to current CDC or WHO guidelines, for example, is laughable. The robust and acrimonious debate over policy in the current crisis has been enormously beneficial.
I do think traditional limitations on free speech are allowable, of course. Posting on Facebook “the cops are busy tonight, everybody meet at the Nike store on N. Michigan avenue,” as apparently happened in Chicago last weekend, falls under the crying fire in a crowded theater exemption to free speech.
I won’t prejudice the conversation further. We will surely return to these issues.
Afranius & Petreius Fear Caesar’s Cavalry & Decide to Retreat: Liveblogging the Fall of the Roman Republic
Caesar faces Pompeian forces split in two: an army without a leader in Spain, and a leader without an army in Greece. Logistics and diplomacy reverse the situation at Ilerda in northeast Spain, as Caesar gains an advantage in allied cavalry that makes Afranius and Petreius fear their position will soon become logistically untenable. They decide to retreat:
Gaius Julius Caesar: The Civil War http://www.gutenberg.org/cache/epub/10657/pg10657-images.html: ‘When news of this battle was brought to Caesar at Ilerda, the bridge being completed at the same time, fortune soon took a turn. The enemy, daunted by the courage of our horse, did not scour the country as freely or as boldly as before: but sometimes advancing a small distance from the camp, that they might have a ready retreat, they foraged within narrower bounds…
…at other times, they took a longer circuit to avoid our outposts and parties of horse; or having sustained some loss, or descried our horse at a distance, they fled in the midst of their expedition, leaving their baggage behind them; at length they resolved to leave off foraging for several days, and, contrary to the practice of all nations, to go out at night.
In the meantime the Oscenses and the Calagurritani, who were under the government of the Oscenses, send ambassadors to Caesar, and offer to submit to his orders. They are followed by the Tarraconenses, Jacetani, and Ausetani, and in a few days more by the Illurgavonenses, who dwell near the river Ebro. He requires of them all to assist him with corn, to which they agreed, and having collected all the cattle in the country, they convey them into his camp. One entire cohort of the Illurgavonenses, knowing the design of their state, came over to Caesar, from the place where they were stationed, and carried their colours with them.
A great change is shortly made in the face of affairs. The bridge being finished, five powerful states being joined to Caesar, a way opened for the receiving of corn, and the rumours of the assistance of legions which were said to be on their march, with Pompey at their head, through Mauritania, having died away, several of the more distant states revolt from Afranius, and enter into league with Caesar.
Whilst the spirits of the enemy were dismayed at these things, Caesar, that he might not be always obliged to send his horse a long circuit round by the bridge, having found a convenient place, began to sink several drains, thirty feet deep, by which he might draw off a part of the river Segre, and make a ford over it. When these were almost finished, Afranius and Petreius began to be greatly alarmed, lest they should be altogether cut off from corn and forage, because Caesar was very strong in cavalry.
They therefore resolved to quit their posts, and to transfer the war to Celtiberia.
There was, moreover, a circumstance that confirmed them in this resolution: for of the two adverse parties, that which had stood by Sertorius in the late war, being conquered by Pompey, still trembled at his name and sway, though absent: the other which had remained firm in Pompey’s interest, loved him for the favours which they had received: but Caesar’s name was not known to the barbarians. From these they expected considerable aid, both of horse and foot, and hoped to protract the war till winter, in a friendly country.
Having come to this resolution, they gave orders to collect all the ships in the river Ebro, and to bring them to Octogesa, a town situated on the river Ebro, about twenty miles distant from their camp. At this part of the river, they ordered a bridge to be made of boats fastened together, and transported two legions over the river Segre, and fortified their camp with a rampart, twelve feet high…
.#history #livebloggingthefalloftheromanrepublic #politics #2020-08-11
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Foreshadowing from Gaius Sallustius Crispus https://www.bradford-delong.com/2020/07/foreshadowing-from-gaius-sallustius-crispus-liveblogging-the-fall-of-the-roman-republic.html: A strongly unconventional high politician facing the expiration of his term of office. He knows that there is a very high probability that, because of his actions in office, his adversaries will try and convict him of crimes after he lays down his power. Let us start with some foreshadowing from Gaius Sallustius Crispus…
Pompey’s Strategy and Domitius’ Stand https://www.bradford-delong.com/2020/07/burns-pompeys-strategy-and-domitius-standnoted.html: In his The Civil War Gaius Julius Caesar presented “just the facts” in a way that made Lucius Domitius Ahenobarbus look like a cowardly and incompetent idiot. The attractive interpretation is that Ahenobarbus was just trying to do the job of defeating Caesar, but had failed to recognize that Pompey was not his ally. Pompey, rather, was somebody whose first goal was to gain the submission of Ahenobarbus and the other Optimates, and only after that submission was gained would he even think about fighting Caesar. Still an idiot, but not an incompetent or a cowardly one: Alfred Burns https://github.com/braddelong/public-files/blob/master/readings/article-burns-pompey.pdf: ‘In early 49, the alliance confronting Caesar consisted of the old republican senate families who under the leadership of [Lucius] Domitius [Ahenonbarbus] tried to maintain the traditional institutions and of Pompey who clung to his own extra-legal position of semi-dictatorial power. Both parties to the alliance were as mutually distrustful as they were dependent on each other…
Marcus Tullius Cicero’s Take on the First Three Months of -49 https://www.bradford-delong.com/2020/07/marcus-tullius-ciceros-take-on-the-first-three-months-of-49-liveblogging-the-fall-of-the-roman-republic.html: ‘We have a primary source for the start of the Roman Civil Warin addition to Gaius Julius Caesar’s deceptively powerful plain-spoken “just the facts” narrative in his Commentaries on the Civl War—a narrative that is also a clever and sophisticated lawyer’s brief. Our one other primary source: Marcus Tullius Cicero’s letters to his BFF Titus Pomponius Atticus. Caesar, in his The Civil War, makes himself out to be reasonable, rational, decisive, and clever. Cicero, in his Letters to Atticus is a contrast. He lets his hair down. He is writing to someone he trusts to love him without reservation. He is completely unconcerned with making himself appear to be less flawed than he appears. And the impression he leaves is absolutely dreadful: he makes himself out to be erratic, emotional, dithering, and idiotic…
Reflecting on the First Three Months of -49 https://www.bradford-delong.com/2020/07/reflecting-on-the-first-three-months-of-49-liveblogging-the-fall-of-the-roman-republic.html: ‘The key question for the first three months of the year -49 is: what did the factions anticipate would happen in that year? The Optimates seemed to think that they had Caesar cornered: Either he surrendered… and then submitted to trial… or he… was quickly crushed…. Cicero appears to have believed that either the Senate surrendered to Ceesar and let him… put Cataline’s conspiracy into action but legally… and then ruled With the support of his electoral coalition of mountebank ex-debtors and ex-veterans to whom he had given land; or… Pompey… crushed Cesar militarily… follow[ed] up with proscriptions and executions after which he would rule as a second Sulla. What is not at all clear to me is what Pompey thought would happen…. My guess, reading between the lines of Plutarch, is that Pompey found himself allied with the Senate in January-February of -49, but not in command of anything—as shown by Lucius Domitius Ahenobarbus’s behavior at Corfinium, attempting to trap Pompey into fighting alongside him in central Italy. And so he retreated to Greece, where he was in undisputed command…
Caesar Offers a Compromise Solution (or So Caesar Says) https://www.bradford-delong.com/2020/07/caesar-offers-a-compromise-solution-or-so-caesar-says-liveblogging-the-fall-of-the-roman-republic.html: The Beginning of Caesar’s Commentaries on the Civil War, in which Caesar says that he had proposed a compromise solution to the political crisis…. ‘The dispatch from Gaius Caesar was delivered to the consuls; but it was only after strong representations from the tribunes that they gave their grudging permission for it to be read in the Senate. Even then, they would not consent to a debate on its contents, but initiated instead a general debate on ‘matters of State’…. Scipio spoke… Pompey, he said, intended to stand by his duty to the State, if the Senate would support him; but if they hesitated and showed weakness, then, should they want his help later, they would ask for it in vain…
The Optimate Faction Rejects Caesar’s Compromise https://www.bradford-delong.com/2020/07/the-optimate-faction-rejects-caesars-compromise-liveblogging-the-fall-of-the-roman-republic.html: Caesar narrates the reasons that the leaders of the Optimate faction—Cato, Lentulus, Scipio, and Pompey—worked hard to set the stage for war, and how the majority of Senators in the timorous middle were robbed of the power to decide freely, and driven reluctantly to vote for Scipio’s motion to rob Caesar of his protections against arrest and trial…
The Optimate Faction Arms for War, & Illegally Usurps Provincial Imperium https://www.bradford-delong.com/2020/07/the-optimate-faction-arms-for-war-illegally-usurps-provincial-imperium-liveblogging-the-fall-of-the-roman-republic.html: Caesar narrates: Whatever norms he may or may not have broken during his consulate—in order to wrest land from the hands of corrupt plutocrats and grant it to the deserving—he says, the Optimate faction does much worse. In the first seven days of the year of the consulate of Lucius Cornelius Lentulus Crus and Gaius Claudius Marcellus Maior, the Optimate faction goes beyond norm-breaking into outright illegality. And to that they add impiety. They illegaly seize power, as they grant themselves proconsular and propraetorial imperium over the provinces, without the constitutionally-required popular confirmation of imperium. They impiously violate the separation of church and state by seizing temple funds for their own use. They thus incur the wrath of the gods. And they incur the enmity of all who believe in constitutional balance, as opposed to armed plutocratic dictatorship…
Caesar Presents His Case to the 13th Legion, & Negotiates Unsucccessfully with Pompey https://www.bradford-delong.com/2020/07/caesar-presents-his-case-to-the-13th-legion-negotiates-unsucccessfully-with-pompey-liveblogging-the-fall-of-the-roman-rep.html: Caesar presents his case to the 13th Legion, and wins its enthusiastic support. Caesar and Pompey negotiate, but Pompey refuses to give up his dominant position. He holds imperium over Spain and commanding the ten Spanish garrison legions, while also residing in the suburbs of Rome and thus dominating the discussions of the Senate. Pompey refuses to commit to setting a date for his departure for Spain…
The Optimate Faction Panics and Abandons Rome https://www.bradford-delong.com/2020/07/the-optimate-faction-panics-and-abandons-rome-liveblogging-the-fall-of-the-roman-republic.html: Caesar narrates: The Optimate faction panics at a rumor of Caesar’s approach, and flees from Rome with the looted Treasury reserve. The towns of Italy support Caesar. Even the town of Cingulum rallied to Caesar, even though its founder Titus Labienus, Caesar’s second-in-command in the Gallic War, had deserted Caesar for his earlier allegiance to Pompey. And Pompey’s attempts to reinforce his army by recruiting veterans who had obtained their farms through Caesar’s legislative initiatives did not go well…
Caesar Besieges Domitius in Corfinum https://www.bradford-delong.com/2020/07/caesar-besieges-domitius-in-corfinum-liveblogging-the-fall-of-the-roman-republic.html: Lucius Domitius Ahenobarbus began raising troops, and by the start of February -49 had 13000 soldiers in the town of Corfinum. On 09 Feb -49 Domitius decided to stand at Corfinum rather than retreat to the south of Italy. So he wrote to Pompey… urged that the Optimate faction join its military forces together at Corfinum to outnumber and fight Caesar. Pompey disagreed. Why did he decide that he, Pompey, “cannot risk the whole war in a single battle, especially under the circumstances”?…
Caesar Captures Corfinum https://www.bradford-delong.com/2020/07/caesar-captures-corfinum-liveblogging-the-fall-of-the-roman-republic.html: Lucius Domitius Ahenobarbus’s deception that Pompey is coming to the Optimates’ aid in Corfinum falls apart, Ahenobarbus tries to flee, Lentulus Spinther begs for his life, Caesar grants clemency to all, and adds the three Optimate and Pompeian legions to his army. Before Corfinum Caesar had had two legions in Italy to the Optimate and Pompeian six. After Corfinum (with the arrival of Legio VIII plus new recruits) Caesar has seven legions in Italy to the Pompeian three. It is now 21 Feb -49: Gaius Julius Caesar: The Civil War: ‘Domitius’s looks, however, belied his words; indeed, his whole demeanour was much more anxious and fearful than usual. When to this was added the fact that, contrary to his usual custom, he spent a lot of time talking to his friends in private, making plans, while avoiding a meeting of the officers or an assembly of the troops, then the truth could not be concealed or misrepresented for long…
Pompey Refuses to Negotiate & Flees to Greece https://www.bradford-delong.com/2020/07/pompey-refuses-to-negotiate-flees-to-greece-liveblogging-the-fall-of-the-roman-republic.html: Pompey flees to the southern Adriatic port of Brundisium. Caesar catches up to him and begs him to negotiate. Pompey refuses and flees to Greece. Caesar decides not to follow, but to turn and first defeat the Pompeian armies in Spain. It is now 18 Mar -49…
Cementing Caesarian Control of the Center of the Empire: Late March -49 https://www.bradford-delong.com/2020/07/cementing-caesarian-control-of-the-center-of-the-empire-late-march-49-liveblogging-the-fall-of-the-roman-republic.html: Caesar, now that the Pompeians and the High Optimates have fled, offers to share power with the dysfunctional Senate but, filibustered and vetoed by Optimate tribunes, he consolidates his hold on the center of the empire and heads for Spain…
Treachery at Massilia: April-May -49 https://www.bradford-delong.com/2020/07/treachery-at-massilia-april-may-49-liveblogging-the-fall-of-the-roman-republic.html: The Massiliotes profess neutrality—until Pompeian reinforcements arrive, and then they go back on their word. Pompeians to whom Caesar had shown clemency at Corfinium have again taken up weapons against him: Lucius Domitius Ahenobarbus at Massilia, and Vibullius Rufus to command the Pompeian legions in Spain…
Rendezvous in Spain, at Ilerda https://www.bradford-delong.com/2020/08/rendezvous-in-spain-at-ilerda-livelogging-the-fall-of-the-roman-repubvlic.html: Caesar’s first probing military moves demonstrate his position is very strong. From a central position in control of the heart of the empire, he moves first to deal with the Pompeian forces in Spain to his west: ‘The First Spanish Campaign: Fabius’s orders were to make haste to seize the passes over the Pyrenees, which at that time were being held by the troops of Pompey’s lieutenant, Lucius Afranius. He ordered the remaining legions, which were wintering farther away, to follow on. Fabius, obeying orders, lost no time in dislodging the guards from the pass and proceeded by forced marches to encounter Afranius’s army…
Caesar Begins His First Spanish Campaign https://www.bradford-delong.com/2020/08/caesar-begins-his-first-spanish-campaign-livelogging-the-fall-of-the-roman-republic.html: A strongly unconventional high politician knows that his adversaries will try and convict him of crimes after he lays down his military command, so he lets the dice fly. His first probing military moves demonstrate his position is very strong. He moves first to deal with the Pompeian forces in Spain to his west. He has his men build a fortified camp close enough to the Pompeian base that the soldiers will inevitably start to fraternize…
Heavy But Inconclusive Skirmishing Between the Military Camps at Ilerda https://www.bradford-delong.com/2020/08/heavy-but-inconclusive-skirmishing-between-the-military-camps-at-ilerda-livelogging-the-fall-of-the-roman-republic.html: ‘From a central position in control of the heart of the empire, Caesar moves first to deal with the Pompeian forces in Spain to his west. Heavy but inconclusive skirmishing follows…
Floods and Supply Lines: Livelogging the Fall of the Roman Republic https://www.bradford-delong.com/2020/08/floods-and-suppyl-liner-livelogging-the-fall-of-the-roman-republic.html: From a central position in control of the heart of the empire, Caesar moves first to deal with the Pompeian forces in Spain to his west: Gaius Julius Caesar: The Civil War: ‘Floods and Supply Lines: The enemy fortified the hill, about which the contest had been, with strong works, and posted a garrison on it. In two days after this transaction, there happened an unexpected misfortune. For so great a storm arose, that it was agreed that there were never seen higher floods in those countries; it swept down the snow from all the mountains, and broke over the banks of the river, and in one day carried away both the bridges which Fabius had built, a circumstance which caused great difficulties…
Caesar Turns the Tables on the Pompeian Skirmishers https://www.bradford-delong.com/2020/08/caesar-turns-the-tables-on-the-pompeian-skirmishers-liveblogging-the-fall-of-the-roman-republic.html: ‘Caesar faces Pompeian forces split in two: an army without a leader in Spain, and a leader without an army in Greece. With clever engineering and tactics, he overcomes his logistical difficulties and begins to turn the tables on the Pompeian army in Spain…
The Caesarian Navy Led by Decimus Brutus Wins a Victory at Massilia https://www.bradford-delong.com/2020/08/the-caesarian-navy-led-by-decimus-brutus-wins-a-victory-at-massilia-liveblogging-the-fall-of-the-roman-republic.html: ‘Caesar faces Pompeian forces split in two: an army without a leader in Spain, and a leader without an army in Greece. While Caesar grapples with the leaderless Pompeian army in Spain, Decimus Brutus and Caesar’s navy win an victory over the traitorous Massilians and Lucius Domitius Ahenobarbus…
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