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Fourth Quarter Letter: Much Ado About Europe

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!

In Summary:

  • 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


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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