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A Venture Capitalist
A Private Equity
A Builder’s Approach to Public Markets
Our first quarter letter for 2018 explores how our approach to investing allows us to find assets that are systematically shunned by our peers, despite having very high-quality characteristics. Click here to read it.
- Our quarterly performance was decent (+8.7%) but we are not satisfied and have tweaked our portfolio to a very high aggregate risk-reward ratio;
- Value-creation is similar to investing in that it requires a period of negative returns to generate future value. Very few public market investors are willing to underwrite value creation and we discuss the implications;
- Our business builders-approach to public markets has given us a very uncrowded set of opportunities, often with the same attributes of a unicorn, but with highly attractive valuations;
- We detail how our Coinvestment, TripAdvisor, Rolls-Royce, Bolloré and EXOR positions (well over half of our portfolio) are giving us outstanding businesses for either free or we are getting paid to take them.
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Past performance is no guarantee of future results.