Argosy Investors 3Q22 Letter to Investors

Dear Investors, 2022 year-to-date performance was -27.3% in select accounts. The S&P 500 by comparison returned -24.8%. We ended the quarter with 53% of the portfolio in cash and equivalents, which means that these results would have been worse without the allocation to cash. While losing only 2% in one 3-month period shouldn’t feel like a victory, it currently feels like something to cheer about, given that the S&P 500 lost 4.9% during the quarter. Q3 2022 hedge fund letters, conferences and more As mentioned last quarter, we continue to see increasingly attractive valuations for companies we like. At the same…