Coho Capital 4Q18 Commentary – A Cable Cowboy for The Streaming Age

Coho Capital commentary for the fourth quarter ended December 31, 2018.

Q4 hedge fund letters, conference, scoops etc

Dear Partners,

Coho Capital was flat for the year returning .2% compared to a decline of 4.4% for the S&P 500. It is more fun to report large gains but defending capital in a treacherous market is always a victory. Volatility returned with a vengeance in December with equity funds registering their largest monthly outflows in twenty years. The S&P registered a 9% drop during the month, the worst December performance since 1931.

Winston Churchill once said, “never let a good crisis go to waste.” And so it was in December as we opportunistically deployed capital into companies we believe will drive returns for Coho for years to come. We delve into one of those positions below.