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Fourth Quarter 2019 Letter: Steepening the Slope

We’ve posted a 4-page quarterly letter which you can read by clicking here.

Speed Read: 

  • We briefly review the building momentum unwind lurking in ETFs, the terrible governance shifts that have been occurring, and the directly opposite approach to governance we are taking at our largest position;
  • The intrinsic value of our portfolio grew faster than the fastest members of the S&P 500. The margin of safety and discount to this fair value widened considerably as the market value of our portfolio drastically underperformed the fundamental performance;
  • We’ve continued to make process improvements and are optimistic that all of the actions and efforts taken during 2019 will manifest into very strong performance in the year ahead.

Fourth Quarter 2019 Letter to Investors.

Key Exhibit from the Letter



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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