McElvaine Investment Trust – Q2 2014 Letter To Investors

Tim McElvaine's McElvaine Investment Trust letter to partners for the second quarter 2014.

To my Partners:

The future you have, tomorrow, won’t be the same future you had, yesterday.

- Chuck Palahniuk

I find often in the financial industry, the expectation is the future will be like the recent past. This may be frequently true and it is certainly the easiest for financial analysts “to model” in an earnings calculation or market prediction. Of course the most money is made in recognizing when this is not the case.

As a value investor, my job is . . .


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