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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 the 38.2x at the beginning of this year.
  • Investing returns can be broken up into two very simple drivers. We briefly discuss these drivers.
  • Our Whole Foods position was taken out by Amazon in the quarter and we initiated positions in TripAdvisor (TRIP), Ocado (OCDO LN) and New York Reit (NYRT). We discuss these opportunities.
  • Capital is merely stored-up labor that has been saved for use at a future date. Since you don’t out-source your vacation to someone else, why not be fully engaged with your capital? We are excited to continue innovating on our industry-leading investor experience.

Also, we’ve included a 1-page appendix describing what’s happening at each of our companies in the portfolio.

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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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