Click here to read our brief 4.25-pager letter to investors reviewing the past year as well as the year ahead. Speed Read: We had a frustrating fourth quarter and ended the year flat. We outline major contributors to alpha; In order…
By Steven Wood on Friday, January 11, 2019 One of the best parts of having an investment process that appeals mostly to sophisticated investors is the introductory meetings are nearly always very enlightening for us. While we have long said we…
Our second quarter letter explores the primary driver of our recent performance: large gaps between trading consensus and reality. We have continued to refine this ranking framework, and we explain further in our short 3.5-page letter. Click here to read…
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…
Click here to read our second quarter letter. Results have been good, but we want them to be great. Speed Read: Through active portfolio management, we've managed to keep our portfolio's ratio of reward-to-risk at 38.3x, which is marginally better than…
Speed Read: Updates to Leonardo, Rolls-Royce and Flybe Rolls is poised to dominate half the jet engine market Leonardo’s divisions are absolutely crushing it, new CEO looming Flybe’s growth profile moderation will enable >75% of its routes that are breakeven…
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…
Please click here to read our first quarter letter. We review contributions to our performance, the great managers responsible, as well as some of our adjustments which have helped keep our portfolio’s risk-adjusted profile above 11x despite the recent outperformance of…