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- 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.
Key Exhibit from the Letter
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Past performance is no guarantee of future results.