Horos Asset Management 4Q19 Letter: The importance of mental flexibility

Horos Asset Management’s letter to their co-investors for the fourth quarter ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more Dear co-investor, We end a year that has been marked, as you know, by (very) high volatility in equity markets, caused by global political and economic uncertainties. As we have stressed in previous letters, this environment has led investors to seek out companies with more stable businesses or those that are currently more popular. The result is that these companies are becoming more and more expensive relative to smaller or more cyclical businesses. This trend has slightly…