Chuck Akre Q3 shareholder letter: "If you aren’t confused, you simply don’t understand what’s going on.” - Edward R. Murrow
During the last two years we have experienced the unpleasant outcome of a massive overextension of credit to both businesses and the consumer. Within the business community,primarily the financial sector, we witnessed staggering levels of risk taking in ways that were wholly opaque to investors and most regulators, with all the upside accruing to a handful of the privileged, and all the downside falling on the shoulders of the American people via the Government’s backstop. In the consumer sector, the locus of the problem is the housing market, and the fallout is massive levels of default and foreclosures.
Read the complete shareholder letter
During the last two years we have experienced the unpleasant outcome of a massive overextension of credit to both businesses and the consumer. Within the business community,primarily the financial sector, we witnessed staggering levels of risk taking in ways that were wholly opaque to investors and most regulators, with all the upside accruing to a handful of the privileged, and all the downside falling on the shoulders of the American people via the Government’s backstop. In the consumer sector, the locus of the problem is the housing market, and the fallout is massive levels of default and foreclosures.
Read the complete shareholder letter
