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Fourth Quarter 2015 Letter

Please click here to read our short quarterly letter reviewing our year, and how we’re thinking about the beginning of 2016 – which has of course been full of fireworks!

Summary: Prior to the year, we already trimmed or eliminated some illiquid and cyclical positions. Yet because of the incredible rush to judgement of many investors that have lost their composure in January, some industrial and cyclical businesses are now pricing in a depression. On the other hand, many other tech and “new age,” companies are pricing in uninterrupted prosperity. Naturally, we find a margin of safety in securities that price-in the worst case scenario. We doubt 2016 will bring the Great Depression, and if we’re right, we’ll do quite well.

Thanks to you all for your trust, and for allowing us to put our money where our mouth is, through your continued conviction. We were honored this month to be mentioned by Five Star Professional to be in the top 99.8% percentile of New York-based investment management firms with exceptional customer satisfaction.

It’s truly an honor, and we go confidently into the year with an outstanding opportunity set in front of us.

Click here to access our Fourth Quarter letter to investors.

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This article has been distributed for informational purposes only. Neither the information nor any opinions expressed constitute a recommendation to buy or sell the securities or assets mentioned, or to invest in any investment product or strategy related to such securities or assets. It is not intended to provide personal investment advice, and it does not take into account the specific investment objectives, financial situation or particular needs of any person or entity that may receive this article. Persons reading this article should seek professional financial advice regarding the appropriateness of investing in any securities or assets discussed in this article. The author’s opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon proprietary research, and the information used in such process was obtained from publicly available sources. Information contained herein has been obtained from sources believed to be reliable, but such reliability is not guaranteed. Investment accounts managed by GreenWood Investors LLC and its affiliates may have a position in the securities or assets discussed in this article. GreenWood Investors LLC may re-evaluate its holdings in such positions and sell or cover certain positions without notice. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of GreenWood Investors LLC.

Past performance is no guarantee of future results.

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