Dear Investors,
I will no longer be reporting performance publicly based on recent marketing regulations issued by the state of NC. During the period, the S&P 500 returned 7.5%. We ended the quarter with 52% of the portfolio in cash and equivalents. Earnings have not, and I believe will not, reset to sustainable levels until later in 2023 or possible 2024, after the Federal government and Federal Reserve shot two massive stimulative bazookas at the US economy during 2020-2021, leading to record home prices, used car prices, and prices for pictures of monkeys (mysteriously named NFTs).
Q1 2023 hedge fund letters, conferences and more
As an example, and it is one of many I could give, Pool Corporation (POOL), a...
