Logos LP First Quarter

“Without frugality none can be rich, and with it very few would be poor.” – Samuel Johnson The following table represents Logos LP’s total return compared a basket of relevant indexes.  The price per unit as of March 31st, 2018 is $25.71 compared to $25.59 as of December 30th, 2017: At 19.95% compounded annually, the fund has achieved a cumulative return that is over 30% above the cumulative return of Continue Reading →

GrizzlyRock Capital Q1 2018 Investor Letter

Fellow Partners, GrizzlyRock Institutional Value Partners, LP and GrizzlyRock Value Partners, LP (together “GrizzlyRock” or the “Fund”) decreased 7.52% net of expenses during the first quarter of 2018. Since inception, GrizzlyRock has been profitable each calendar year except for 2015 (in which Fund returned -1.0% net). While the first quarter was not additive, the Fund has a good probability of achieving a solid 2018 annual return. Full letter for subscribers Continue Reading →

Old West Q1 2018 Investor Letter

Dear Investor, What a difference a quarter makes! In my year-end letter I bemoaned the fact that volatility had all but disappeared from the markets, and trillions had been invested in index funds with little regard to valuation. Much has changed in the first quarter of 2018, with market volatility returning with a vengeance and stock market indexes struggling to surpass January highs. As you can see on your enclosed Continue Reading →

Livermore Q1 Partners Report

To Partners, 2018 started off with continued optimism yet ended with a whimper. As finally, we began to see cracks form within the market’s vast run. This was well overdue. A more hawkish Federal Reserve, Geopolitical concerns, and “peaky” FANG stocks lead the market to a sudden and sharp correction. Our 2017 Q4 letter(see attached) timing was excellent with our professional boxing reference about a solid upper-cut and our view Continue Reading →

Dane Capital New Idea: Wind At Their Back With 25% FCF Yield

Dane Capital Exclusive IEA is an undiscovered, newly public renewables focused E&C company with a compelling valuation – 3.8x 2018 EV/EBITDA and a free cash flow yield of around 25% and record backlog. IEA has a strong moat as 1 of 3 top-tier E&Cs to the renewables industry, and benefits from a national presence, top-tier customers, and low capital intensity (<2% of sales). Please login to view the rest of Continue Reading →