Euclidean 2Q20 Letter: Quantifying Margin of Safety

Euclidean Technologies commentary for the second quarter ended June 2020, titled, “Quantifying Margin of Safety.” Q2 2020 hedge fund letters, conferences and more Although having recovered a good deal since the March lows, value strategies like Euclidean’s continue to suffer disproportionately during the pandemic. I am reluctant to assign a cause to why one part of the market is performing better than another, but the pain experienced by small-cap value funds during COVID-19 is likely due to the fact that investors see large companies as more impervious to the economic fallout of the pandemic (warranted or not). With that said,…