Most of our quarterly letters to shareholders (and this is the 52nd in the series) devote the main body of the text to topics of current interest related to investing or to events ongoing in the markets. This time, I want instead to focus on the largest positions in Vltava Fund’s portfolio. Ultimately, our work is always about the selection of specific investments. We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end the day, whether we buy Lockheed or Boeing, CVS or Walgreens, Berkshire or Wirecard, or maybe JPMorgan versus Citigroup or something else altogether will determine the portfolio’s return (and its risk). Therefore, the vast majority of our work is devoted to...
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
