Tag: recession-resistant business

2018 Q3 - Investment Letter (Copart)
in 0by
5436

2018 Q3 - Investment Letter (Copart)

The S&P 500 Index returned 7.71% in the quarter ended September 30, 2018.[1] In our previous quarterly letter, we discussed our investment process, which essentially consists of two parts. First, we narrow the investment universe down to businesses we feel confident possess enduring pricing power and significant volume growth opportunities. Second, we attempt to construct …

…

2018 Q2 - Investment Letter (Process)
in 0by
1691

2018 Q2 - Investment Letter (Process)

The S&P 500 Index returned 3.43% in the quarter ended June 30, 2018.[1] We believe an investor who aspires to achieve attractive risk-adjusted returns must first identify at least one exploitable and persistent investment mispricing. In our case, as we’ve discussed in past letters, we believe we’ve identified two: 1) a great business mispricing that …

…

2016 Q3 - Investment Letter (Malthus)
in 0by
2030

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 …

…

2015 Q3 - Investment Letter (Colgate)
in 0by
2443

2015 Q3 - Investment Letter (Colgate)

The S&P 500 index declined by 6.44% in the third quarter, bringing its year-to-date return to -5.29%[1]. While this aggregate return is clearly not inspiring, some areas of the market have actually experienced much more precipitous (and perhaps permanent) losses over the last year than this small decline suggests. Most consequentially, the commodities supercycle, a …

…