We sold down our Microsoft (NASDAQ:MSFT) position, for example, which had appreciated markedly over the last eight years, and we bought a number of Asian internet platform companies at prices well below recent peaks. Our timing, though, made us look foolish over the short term. The Asian companies continued to trade poorly, declining more in the back half of the year than Microsoft. We believe these investments still have the same growth prospects but now at even more attractive prices. As a group, these investments trade at an average of around 16x earnings net of cash (and lower still net of non-earning assets) as of year-end and are expected to grow their revenues by 18% in 2019.
From Steven Romick (Trades, Portfolio)'s Crescent Fund fourth quarter 2018 shareholder letter.
