Drawdown – Part II

Drawdown – Part II In March we didn’t protect the downside as well as we did in February. Most of our losses in the month came from our European long book. A lot of our high conviction names declined significantly amidst the volatility and the absence of news post earnings season. Our work during the […]

Drawdown – February 2018

Drawdown The past few weeks have brought with them volatility that has not been seen for 2 years. With that, you may be wondering how your portfolio fared during this period. While the S&P 500 saw a drawdown of -10.44% between January 29th through February 8th and the Eurostoxx50 went down 7.43%, Somar’s performance was […]

Value Creation – January 2018

Value Creation At Somar we believe the next few years will come to be known as the Golden Age of Investing (see June 2017 letter). Around the world, the current breadth of innovation compounded by accelerated consumer adoption is creating abundant opportunities for entrepreneurs to offer their customers a step-change improvement in value proposition. Entrepreneurs […]

What to expect in 2018 – December 2017

What to expect in 2018 “It’s tough to make predictions, especially about the future” Yogi Berra “I follow the Noah rule: predicting rain doesn’t count; building arks does” Warren Buffett At Somar we are excited for 2018. Not because we can accurately predict how the year will unfold. But because throughout 2017 we have focused […]

Year in Review – November 2017

Year in Review The end of a year marks a period of reflection for what has been accomplished, and preparation for what is to come. As we look back at 2017, we feel very good about the progress we have made. We have upgraded our portfolio, developed our team, launched new Data Science projects, reduced […]

Creative Destruction – October 2017

Creative Destruction Capitalism […] never can be stationary. […] The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers’ goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates. […] The opening up of new markets, foreign […]

Upgrading Our Portfolio – September 2017

Upgrading Our Portfolio Somar’s mission is to support the financial success of our investors by investing their capital in businesses with both a leading customer-value proposition and a large market opportunity ahead. We find attractive opportunities in underfollowed companies that have outgrown Venture Capital’s sweet spot but that are not yet big enough to be […]

Fact-based vs. Opinion-based Investing – August 2017

Fact-based vs. opinion-based investing “When my information changes, I alter my conclusions. What do you do, sir?” – John Maynard Keynes One of the hardest and most profitable skills to develop as an investor is the ability to be open to new information and to change one’s mind when new information alters one’s previous conclusions. […]

Mistakes… I’ve Had a Few – July 2017

Mistakes… I’ve had a few At Somar we strive daily for continuous improvement to make sure the portfolio at market close is more compelling and has more upside than the portfolio at the start of the day. We use several tools for this: talking with management, direct observation, data science, reading, observing other people’s mistakes […]

Golden Age of Investing – June 2017

Golden Age of Investing Over the first half of 2017 we added several new secular winners to our portfolio. The pace at which we have been doing that has been accelerating which speaks to the quality of the opportunity set ahead of us. Our estimation of the portfolio’s risk-reward now stands at an all-time high […]