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The Price of Trust

Estimated Reading Time: 10 minutes Beyond Guidance “Sunlight is said to be the best of disinfectants.” — Louis Brandeis In our white paper on owner operators, one of the most pronounced divergences between owner managed firms and their agent-managed peers…

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First Half 2024 Letter

Estimated Reading Time: 12 minutes. Click here to read a PDF version of this letter. Dear GreenWood Investor:      Our accounts and funds generated satisfactory performance in the first half, modestly outperforming our benchmark. Our separate accounts, which have…

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Fourth Quarter 2022 Letter

Reading Time: 7 minutes. Click here to read the letter in PDF format. Dear GreenWood Investor:        Please pardon the delayed delivery of this fourth quarter letter. As telegraphed in the third quarter letter from December, we had…

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First Quarter 2021 Letter

Estimated Reading Time: 6 minutes Click here to read this letter in PDF format. Speed Read:  Our Global Micro Fund delivered returns of 23.3%, while the euro-denominated Luxembourg fund returned 24.6%. Our Global Micro separate accounts returned 18.5% while our…

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Second Quarter 2020 Letter

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…

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Second Quarter 2017 Letter

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…

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