Askeladden Capital letter for the fourth quarter ended December 31, 2018, titled, "A Better Life."
Q4 hedge fund letters, conference, scoops etc
Dear Partners,
2018 was another exceptional year for Askeladden, making up for a challenging 2017 and then some. Gross returns exceeded 21%, despite our benchmark (S&P 1000 Total Return) declining 10%. This marked the second year (2016 being the other) in which gross returns outperformed the index by more than 30%. This is despite Askeladden using no portfolio leverage in the form of options or margin, predominantly investing in companies with strong balance sheets, and mostly avoiding highly commodity-levered companies.
Cumulatively, in the ~three years from 2016-01-08 through 2018-12-31, Askeladden has doubled gross NAV since inception, vs. a cumulative...
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