Hayden Capital 2Q18 Letter – Lessons from Asia; Amazon

Portfolio was up 5.7% compared to S&P 500 and MSCI World index of 3.4% and 0.3%, respectively, during 2Q18; annualized return since inception of 15.2% (net of fees) Lessons from Asia Business models that can scale globally and create astronomical wealth in the process are those that have been battle-tested thoroughly in their domestic markets […]

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Horizon Kinetics 1Q18 Presentation: Systemic Risk; False Premise of Passive Investing; Texas Pacific Land Trust

Where Are We? S&P 500 1-year annualized price return of 11.77% and annualized volatility of 8.52% 5-year annualized return of 10.97% and annualized volatility of 9.84% Since year-end 2008, annualized price return of 12.3% and annualized volatility of 13.44% An Illustration (World War II Ration Book) Set of World War II ration books, stamps and […]

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David Einhorn’s 3Q17 Letter – Bubble Basket (Amazon, Tesla, Netflix), CAT short, GM, CNX, MYL, HPE, MU, TPX

Greenlight Capital 3Q17 Letter, October 24, 2017 Review Returned 6.2%, net of fees, in 3Q17, bringing YTD return to 3.3% vs. S&P 500 of 4.5% and 14.2% for the quarter and YTD, respectively Market remains very challenging for value investing as growth stocks have continued to outperform value stocks. Persistence of this dynamic leads to […]

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