Inherent Value We decided to focus this month on going deeper on the performance of our long investment portfolio, which generated a large drawdown at the end of 2018. While every month we report to you the precise mark-to-market value of your portfolio, that return doesn’t necessarily reflect the inherent value being created by our […]

Expectations for 2019 The strong market correction of the last months of 2018 was punishing to our reported return in the year. But it didn’t distract us from our mission: to find and buy consumer businesses offering significant upgrades to consumer value propositions at attractive prices and short their competitors with inferior consumer offers that […]

Looking Back and Looking Forward This month the team has decided to share our thoughts on the year through a video. You can find it following this link: https://www.youtube.com/watch?v=_r8tnb_u2jU