Steven L. Kiel’s first letter to investors of Arquitos Capital Management included a reference to Warren Buffett’s early partnerships, which produced a return of around 25.3% per year for investors. At the time, Steven fully acknowledged that his firm would not be able to beat these returns, but he believed that by following Buffett’s advice, Arquitos would be able to produce attractive returns for investors. Five years on and Arquitos’ returns are not only attractive, but they make Buffett look like a rookie.
According to the partnership’s first quarter letter to investors, Arquitos returned 17.6% net of fees during the first quarter of 2017, following a gain of 42.9% during 2016. Since inception,...
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