Horos Asset Management 3Q19 Commentary

Horos Asset Management letter to investors for the third quarter ended September 30, 2019. Q3 2019 hedge fund letters, conferences and more Dear co-investor, We finish the third quarter of 2019, a period of continuity with respect to previous quarters, in which investors’ money continues to flow towards certainty, at any price, and flees from the most illiquid and/or cyclical companies, despite the attractiveness of their valuation. This situation is causing an unsatisfactory relative (and absolute) return on our portfolios in the short term, but nevertheless contributes to generating great opportunities for appreciation in the long-term. At Horos it is…