Khrom Capital Returns 33% With 40% Cash Portfolio

Exclusive from ValueWalk: Khrom Capital's letter to limited partners (great value investor just named to Forbes 30 under 30), see recent letter here.

Dear Limited Partners:

In the year 2013, our Partnership returned 25.8% net of fees and expenses. On average, we held 43% of our assets in cash throughout this period.

The reason you invest with Khrom Capital is because you expect above-average returns. Though we achieved this goal the past six years, the question is always whether that result will repeat itself over the next half-dozen. This is the most fundamental question that your Managing Partner faces, since there...