Dear Investors,
2022 year-to-date performance was -27.3% in select accounts. The S&P 500 by comparison returned -24.8%. We ended the quarter with 53% of the portfolio in cash and equivalents, which means that these results would have been worse without the allocation to cash. While losing only 2% in one 3-month period shouldn’t feel like a victory, it currently feels like something to cheer about, given that the S&P 500 lost 4.9% during the quarter.
Q3 2022 hedge fund letters, conferences and more
As mentioned last quarter, we continue to see increasingly attractive valuations for companies we like. At the same time, the pandemic created one-time demand shifts that make future earnings difficult to estimate. On top of the earnings uncertainty,...
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