2016 Q3 - Investment Letter (Malthus)

2016 Q3 - Investment Letter (Malthus)

During the third quarter, despite a uniquely dysfunctional election season, the S&P 500 generated a solid 3.85% gain.[1] While the randomness of short-term market movements clearly could have yielded a different result, we are nevertheless amused by the apt metaphor that this turn of events offers up. In the face of considerable uncertainty and numerous …

2016 Q2 - Investment Letter (Nike)

2016 Q2 - Investment Letter (Nike)

Only halfway through the year and what a perplexing ride this has been! Only a few short months ago, we were writing about the markets plunging 10% over anxiety of a Chinese devaluation, only to then rebound shortly thereafter. In even quicker fashion, markets apparently discounted the odds of Britain leaving the European Union (EU) …