…
2017 Q4 - Investment Letter (Priceline)
The S&P 500 rose 6.64% in the quarter ended December 31, 2017, and 21.83% percent for the full year.[1] As we have often mentioned, we are always on the hunt for great businesses with unassailable competitive advantages and enduring pricing power. We believe these businesses are both rare and, as a result of behavioral and …