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Click here to read our brief quarterly letter reviewing the decisions we’ve made throughout the last year, the results and our outlook for what will surely be an eventful year!
- We’re avoiding over-valued US sectors like the plague
- As a result, we’ve missed the momentum of US securities, of which the leadings ones have zero equity risk premium baked into them (the 20 best performing stocks in the S&P 500 are trading at 41.4x earnings)
- Our investments have largely outperformed their industries and sectors – particularly Europe, energy and small caps
- Our portfolio’s risk-adjusted return is 13.8x, more than double where it was in early 2014
- The preconditions are fertile, but timing unknown, and the odds are stacked in our favor
“Bait the hook well; this fish will bite.” Shakespeare’s Much Ado About Nothing
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