Vltava Fund 4Q19 Commentary: Price And Value (A User’s Manual)

Vltava Fund commentary for the fourth quarter ended December 31, 2019, titled, “Price And Value (A User’s Manual).” Q4 2019 hedge fund letters, conferences and more The year 2019 ended for us with a gain of + 25.4%. Our shares in the UK and Russia performed best, and our investments in South Korea, Canada, the USA and Japan also made a significant contribution. We will return to the investment returns later, but first I want to look at another topic. In October, we held our regular autumn seminar for shareholders. During the questions-and-answers part we touched upon the subject of…