Giverny Capital's quarterly letter ended September 30, 2022.
Q3 2022 hedge fund letters, conferences and more
A Difficult Quarter
I’m not sharing anything you don’t already know when I write that the stock market had a difficult third quarter. Businesses, all over the world, are facing rising interest rates as well as shortages of both labor and equipment. Companies, like consumers, also must deal with rising inflation and it is very much possible that several economies in the Western world are already in recession as I write this letter.
One should keep in mind that the stock market is always ahead of the economy. It goes down well before a recession is official...
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