Cycicals by their nature repeatedly experience boom and bust periods that create opportunities for investors like us who pay careful attention to supply/demand economics and believe in mean-reversion.If you look at the average equity holding period over the last 15 to 20 years, it’s clear that there are a lot of people out there just [...]
Our sweet spot tends to be in companies with market caps from $ 1 billion to $ 5 billion. Illiquidity in smaller-cap companies is fine for a portion of your book, but it's nice to have the ability to change your mind and more easily sell if things don't develop as you hoped. The largest [...]
Our sweet spot tends to be in companies with market caps from $1 billion to $5 billion. Illiquidity in smaller-cap companies is fine for a portion of your book, but it’s nice to have the ability to change your mind and more easily sell if things don’t develop as you hoped. The largest companies can [...]