Reading Time: 21 Minutes. Click here to read this letter as a PDF. The Use…
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 our Q2 2018 letter to investors.
- We had another decent quarter (+11.7% in Traditional and +12.8% in Global Micro);
- Most recently, the expectations vs. reality roadmap ranking criteria has been the most important driver of returns and we’ve re-allocated capital towards those ideas where the market is increasingly missing the forest for the trees;
- We discuss the processes that drive insight and value creation and how we endeavor to be at the center of efforts to accelerate both for all of our stakeholders, including our co-investment.