Click here to read our second quarter letter. Results have been good, but we want them to be great.
- Through active portfolio management, we’ve managed to keep our portfolio’s ratio of reward-to-risk at 38.3x, which is marginally better than the 38.2x at the beginning of this year.
- Investing returns can be broken up into two very simple drivers. We briefly discuss these drivers.
- Our Whole Foods position was taken out by Amazon in the quarter and we initiated positions in TripAdvisor (TRIP), Ocado (OCDO LN) and New York Reit (NYRT). We discuss these opportunities.
- Capital is merely stored-up labor that has been saved for use at a future date. Since you don’t out-source your vacation to someone else, why not be fully engaged with your capital? We are excited to continue innovating on our industry-leading investor experience.
Also, we’ve included a 1-page appendix describing what’s happening at each of our companies in the portfolio.
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Past performance is no guarantee of future results.