We continue to find new opportunities around the globe.We added a new Small-Cap name in the first quarter and have begun buying two new non-U.S. names as well as one domestic one since the start of April. The Partners Fund’s cash reserves are approaching 20%.
We find that many investors currently have little interest in hearing about our company valuations, P/V ratios, the great businesses we own, or the terrific managements with whom we have partnered. This lack of interest in our fundamental research corresponds with ongoing macro concerns. Many believe that another shoe will drop from government intervention, monetary and fiscal policy mismanagement,
a second leg to the recession, or some combination of these.
Read the complete letter
We find that many investors currently have little interest in hearing about our company valuations, P/V ratios, the great businesses we own, or the terrific managements with whom we have partnered. This lack of interest in our fundamental research corresponds with ongoing macro concerns. Many believe that another shoe will drop from government intervention, monetary and fiscal policy mismanagement,
a second leg to the recession, or some combination of these.
Read the complete letter
