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Grey Owl Capital Q3 2013 Investor Letter

October 30, 2013 | About:
Canadian Value

Canadian Value

135 followers
Grey Owl Capital Q3 2013 Investor Letter

About the author:

Canadian Value
http://valueinvestorcanada.blogspot.com/

Rating: 5.0/5 (4 votes)

Comments

vgm
Vgm - 1 year ago
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."

batbeer2
Batbeer2 premium member - 1 year ago
Hi Canadian value,

thanks for posting!

This was worth reading.

Please leave your comment:


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