Massif Capital commentary for the fourth quarter ended December 31, 2019.
Q4 2019 hedge fund letters, conferences and more
Dear Friends and Investors,
The core portfolio of Massif Capital was up 3.7% during the fourth quarter of 2019, bringing the year-to-date performance to -3.9%. A detailed report on individual account performance will be provided to investors in the coming days.
Resource Conversion - Alternative Perspectives Wealth Creation and the Capital Cycle
Our regular focus on the capital cycle has much to do with the industries we focus on. Businesses within basic materials, energy, and heavy industry are generally characterized by strong economies of scale and capital intensity. Firms typically have either high fixed costs or significant upfront capex that need to be...

