Estimated Reading Time: 10 minutes. Click here to read this article as a PDF. "Bad companies are destroyed by crisis, good companies survive them, great companies are improved by them.” -Andy Grove This letter will be briefer than usual, as…
Click here to read the second quarter 2020 letter to investors. This one is highly analytical in picking apart our performance, exposures and factor drivers. In it, I explain why we’ve chosen companies off the beaten path, yet remain exposed…
Chris penned our third quarter letter on his first year anniversary with the GreenWood team. Speed Read: Exor exemplifies why "dead money," is a truism that is never true when skin in the game is involved, as Builders continuously compound…
We have posted our brief quarterly letter, which you can read by clicking here. Speed Read: Our underperformance this year reflects irrational prices that have become even less rational, particularly with the view we have on the board of our…
Click here to read our fourth quarter letter which, at this inflection point in our growth, reviews where we've been and where we're going. Speed Read: We had a decent year (+27.0%), the performance of which was broad-based. We outline…
An important mental model for investors to use is the power of feedback loops. These exist in nature everywhere, as well as some of the best and least-loved sectors in the investment universe. Many internet companies are the beneficiaries of positive…
Speed Read: UK economy primed for recession regardless of Brexit vote Property prices peaked in Q1 and have already started to decline Consumer confidence already weakening - this will accelerate post Brexit Unemployment 30 bps away from all-time lows, further…
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…
We recently put the following chart together that shows just how cheap and high quality Cairn Energy (CNE LN) is relative to the entire universe of independent exploration & production companies (E&P) with market caps above $250 million. In the…