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Second Quarter 2016 Updates

Please click here to read our brief quarterly letter reviewing our opportunity set and a couple new positions.

Additionally, our presentation on EXOR was selected by the Ira Sohn foundation as a finalist in the stock-picking contest. I’m convinced the only reason it wasn’t selected to be presented live was that it highlighted some critical aspects of GM, which was pitched directly after by a well known value investor and judge of the contest. I transferred the presentation into a live-youtube format, which you can watch here. I am so humbled that the video has already been viewed by people for nearly 15 days of watch time. The presentation also coincided with the discount to EXOR’s NAV narrowing from nearly 40% to mid 20%, so we have perhaps helped add value to our largest position.  

Lastly, I’m extremely pleased to tell you that the cornerstone of our “suggestivist” flight plan we shared with both you and the management team of Rolls Royce this time last year has been accomplished in the acquisition of a major supplier by the company last week. Having just attended the Farnborough air show, we came away increasingly positive on both the prospects of Rolls Royce and Leonardo-Finmeccanica. Notes from the airshow are posted in the Grove

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