As the 2018 volatility crash was approaching, Arlington Value Capital’s Allan Mecham was deriding the “docile markets” and in fact was hoping Mr. Market would get “moody.” After delivering investors a gross of 21.7% in 2017, slightly under the S&P 500s 21.8%, Mecham got what he wanted. As he was distributing the letter to investors, the stock market gave Mecham his wish, getting moody by losing nearly 10% over a short period. With a large cash balance, Mecham had the dry powder, but it is unclear if he bought the dip.
Also see is Mecham the next Buffett?
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“The only haven for action junkies was Bitcoin,” Mecham wrote in a January 29 letter to investors reviewed by ValueWalk.
