Dear Investors,
2022 year-to-date performance was -25.4% in select accounts. The S&P 500 by comparison returned -20.0%. We ended the quarter with 50% of the portfolio in cash and equivalents, which means that these results would have been worse without the allocation to cash. Looking into why our performance lagged the market in the second quarter (and providing the same table from the first quarter for comparison), some of our worst performers continued to be our largest positions. With all of the positions except Arlo, I feel confident in the businesses long-term despite some potential headwinds this year. Clearly Meta Platforms (formerly Facebook) is contributing quite a bit to our underperformance this year.
Q2 2022 hedge fund letters, conferences...
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