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Q2 hedge fund letters, conference, scoops etc
IWY “Value” shares (Brown line) vs. IWF “Growth” shares
What is going on? https://www.threepartadvisors.com/audio
Active Managers Horizon Kinetics Worth a careful read. Note the underperformance of several famous investors. Did they ALL become stupid at the SAME TIME?
Indexation-The-Jury-is-Almost-In
Perspective Jesse Felder Chartbook July 31 2018 (1)
Perhaps a way to beat the ETF driven overvaluation is to search for companies that are in few indexes such as TPL or CVEO, for example. And search for owner-operated companies. Owner_Op_Paper and Wealth-Index-Executive-Marketing-Summary-FINAL. With founder or owner-operated companies, there is less float so fewer of these companies end up in ETFs. When you see that Blackrock is a majority owner in a stock that you own but the stock represents only .003% of their five trillion dollar portfolio, you have a festering problem. Look for those founder-led companies that treat shareholders fairly:
As Charlie Munger says, “Never underestimate the power of incentives.”
Have a good weekend.
Article by CSInvesting
