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) …

2012 Q1 - Investment Letter (Tesco)

2012 Q1 - Investment Letter (Tesco)

The stock market put on quite the show, with the S&P 500 climbing a staggering 12.6% – the best first quarter showing since 1998. Many forecasters’ year-end targets have already been surpassed or are very close to being met, yet the rise in equity prices was not nearly as broad as one might think. Approximately …