Olesen Value Fund +4.3% net in Dec; 2019 review & outlook

Dear friends,

We earned a return of 4.3% net of fees in December, which brought our full-year net return to 24.8%.

Stock Market Up Mostly Due to Higher P/E Ratios, Not Earnings Growth

It is worth noting that we earned our 2019 return in a very different way than the broader stock market did....