Vilas Capital Up 51% YTD :Softbank appears to be almost the Lehman, Countrywide, or queen bee, of this bubble”

Vilas Capital Management commentary for the third quarter ended September 30, 2019. Q3 2019 hedge fund letters, conferences and more Dear Vilas Fund Partner, The Vilas Fund, LP rose 4% in the third quarter of 2019, bringing the year-to-date performance to +50.5%. Strong returns from a number of positions, such as NMI Holdings, Lincoln National and Citigroup, and a nice rebound in CVS added materially to the Fund equity. However, a continued and unexpected downdraft in Viacom hurt the results somewhat. Since the Fund was started on August 9, 2010, it has compounded partner capital at 11.7% annually, which is…