Blue Tower Asset Management 4Q19 Commentary: Career Risk in Institutions and the Principal Agent Problem

Blue Tower Asset Management commentary for the fourth quarter ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more The fourth quarter of 2019 has been the strongest single quarter performance and strongest annual performance for the Global Value composite since the beginning of our strategy with a quarter return of 16.70% net (17.04% gross) and a 2019 return of 36.81% net (38.40% gross). We have had a great year despite a headwind of continued relative underperformance of value strategies, small cap strategies, as well as underperformance of international equities relative to the US. Our quarterly performance was…