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Fourth Quarter 2020 Letter

Estimated Reading Time: 14 minutes Click here to read this letter in PDF format. Speed Read:  We remain encouraged, but not satisfied, by the out-performance in the quarter which restored the long term, through-the-cycle, track record back to our minimum…

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Hissing Sounds up North

It has been almost one year since we initiated our first short position in Canada and made known our skepticism of the Canadian housing market (er, bubble) to our investors.  Today we look upon the past year’s worth of data…

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