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Grey Owl Capital Q3 2013 Investor Letter
Posted by: Canadian Value (IP Logged)
Date: October 30, 2013 04:54PM



Stocks Discussed: SPY, DJI, QQQ,
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Re Grey Owl Capital Q3 2013 Investor Letter
Posted by: vgm (IP Logged)
Date: October 30, 2013 08:20PM

Thanks. An excellent read and a clear Conclusion:

"Conclusion

The current investment environment is fraught with risk. Interest rates are near generational lows. Broad market equity indices are rich after adjusting earnings for normalized profit margins. Government intervention is distorting the economy in an unsustainable way. We by no means deem these risks inconsequential. Yet, in any environment, opportunities exist. We are willing to deal with (“overlook”) these risks in the context of owning the businesses described above. We believe the quality of the businesses and their leadership is strong enough to overcome many headwinds.

Wayne Gretzky liked to say, “I skate to where the puck is going to be, not where it has been.” The bulk of our portfolio constitutes high quality businesses with leadership that has demonstrated an exceptional ability to allocate capital and to move the business to where the market is going to be."



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Re Grey Owl Capital Q3 2013 Investor Letter
Posted by: batbeer2 (IP Logged)
Date: October 31, 2013 03:09AM

Hi Canadian value,
thanks for posting!

This was worth reading.


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