The Last 10 Tightening Cycles Triggered A Bear Market

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Rupert Hargreaves
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Frank Martin of Hummingbird Partners has a reputation as a cautious investor something that shows through quite clearly in his first-quarter letter to investors. For the first quarter of 2017, Hummingbird produced a return of 1.35% net for investors compared with a gain of 6.1% for the S&P 500. Hummingbird’s sizeable underperformance can be attributed to the fund’s hefty cash weighting. At the end of the quarter, only 49.6% of Hummingbird’s assets were invested. [timeless] Hummingbird: The Last 10 Tightening Cycles Triggered A Bear Market In Hummingbird’s first-quarter letter to investors, a copy of which has been reviewed by ValueWalk,…


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Sign up now and get our in-depth FREE e-books on famous investors like Klarman, Dalio, Schloss, Munger Rupert is a committed value investor and regularly writes and invests following the principles set out by Benjamin Graham. He is the editor and co-owner of Hidden Value Stocks, a quarterly investment newsletter aimed at institutional investors. Rupert owns shares in Berkshire Hathaway. Rupert holds qualifications from the Chartered Institute For Securities & Investment and the CFA Society of the UK. Rupert covers everything value investing for ValueWalk