Tag: shareholder minded management team

2018 Q1 - Investment Letter (Moody's)
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2018 Q1 - Investment Letter (Moody's)

The S&P 500 returned -0.76% in the quarter ended March 31, 2018.[1] In our last letter, we discussed our belief that the best investments benefit from two sources of mispricing: 1) a great business mispricing that we believe results from investors generally undervaluing the rare businesses with both enduring pricing power and long-term volume growth …

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2017 Q3 - Investment Letter (CBRE)
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2017 Q3 - Investment Letter (CBRE)

The S&P 500 continued its upward march during the third quarter, posting a 4.48% gain.[1] In our last letter, we concluded by outlining the core tenets of our investment strategy. In preparing to write this one, we noticed a slight but important adjustment to what we wrote, so we’ll repeat the relevant section below: “We …

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2016 Q2 - Investment Letter (Nike)
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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) …

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