Note: The commentary is from the Vltava Fund Letter to Shareholders, ranked the 11th best performing equity fund in the world by Eurekahedge The letter was posted on October 7th, 2013.
Having things under one’s control
Through the 20 years of our professional careers we have met a great many investors and potential investors. Over time, we came to recognise that they can be divided into two basic groups: those who are equity investors and those who are not equity investors.
Those who are not equity investors comprise a type of people who like having things under their own control. They are happy when they can touch their investments, and their thinking is quite concrete. There is basically no point in offering equity...
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