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Third Quarter 2015 Letter

Our third quarter letter reviews our process and its increasing ability to predict future returns. Every time our portfolio’s risk-adjusted return has hit high levels, subsequent performance has been strong. It remains above 20x, and above the previous record-high from earlier this year, after which our portfolio returned 14%. Of course, past performance is no guarantee of future performance.

Our letter also covers:

  • The exceptional opportunity Ferrari has as it modestly increases the supply of vehicles to its customer base, which has enthusiastically stretched waiting lists to as long as two years
  • The irrational sell-off in shares of Piaggio just as demand from consumers is starting to show the first signs of life in the last fifteen years
  • The solid performance of Finmeccanica, which has already blown past its 2016 targets, 5 quarters ahead of guidance
  • Upcoming catalysts in Mast Therapeutics, MEI Pharma and Fiat-Chrysler

Click here to read out third quarter letter.

“It’s easier to invent the future than to predict it.” -Alan Kay

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Disclaimer:

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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