ADW Capital’s 2020 letter: Long CDON, the future Amazon of the Nordics

ADW Capital Partners was up 119.2% for 2020, compared to a 13.77% gain for the S&P 500, an 11.17% increase for the Russell 2000, and an 8.62% return for the Russell 2000 Value Index. The fund reports an annualized return of 24.63% since its inception in 2005.

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Modeled after Buffett Partnership

In his fourth-quarter letter to investors, which was reviewed by ValueWalk, Adam Wyden reminded them that the fund is a concentrated, tax-sensitive, and long-term strategy to minimize correlation to the broader indices and avoid permanent capital loss. He noted that this strategy would result in periods of underperformance and...