When Eli Weinberg looks back on his life, it’s going to be the “known unknowns” that he might most lament. The co-managing partner as SPO Partners and former Goldman Sachs analyst recognizes that it is what couldn’t be predicted that was part causation for his value-based hedge fund closing Thursday, as first reported by ValueWalk.
Q3 hedge fund letters, conference, scoops etc
Nearly 50 years after the hedge fund founded known for a concentrated portfolio was founded, one of the early Warren Buffett disciple hedge funds realized that “known and unknown risks” were issues with some of his stock picks. In a challenging market environment for stock pickers, Weinberg told investors that “it is exceedingly difficult to deploy capital with an acceptable margin of safety.”
In a letter to investors reviewed by ValueWalk, Weinberg pointed to a core Buffett principle, finding great companies and believing in them over the long term, as not being a working thesis in today’s environment.
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