Second Quarter 2017 Letter to Alluvial Fund Partners

Dear Partners, It is my pleasure to report results for Alluvial Fund, LP’s first six months of existence. While such a period of time is insignificant in the grander scheme, I am nonetheless happy to see the value of our investment grow at a healthy clip out of the gate. For the three months ended June 30, 2017, the value of an investment in Alluvial Fund, LP rose 7.1%, net Continue Reading →

Boyles Asset Management – Q2 2017 Letter Excerpt

“In general, survival is the only road to riches. Let me say that again: Survival is the only road to riches.” –Financial historian, economist, and educator Peter L. Bernstein (2004 interview with Jason Zweig) As he did in his 2007 book, A Demon of Our Own Design, Richard Bookstaber returns to the story of the cockroach with his 2017 book, The End of Theory.  The cockroach has survived and thrived for about 300 million years, Continue Reading →

GrizzlyRock 2017 Second Quarter Investor Letter

July 21st, 2017 Fellow Partners, GrizzlyRock Institutional Value Partners, LP and GrizzlyRock Value Partners, LP (together “GrizzlyRock” or the “Fund”) decreased 2.03% net of expenses during the second quarter of 2017 and has returned -7.06% year to date through 6/30/17. Since inception, the Fund has compounded at 9.0% net of expenses per year.(1) The culprit of poor year-to-date performance has been the short portfolio (Fund long portfolio has a positive Continue Reading →

Arquitos Capital Partners – Q2 2017 Investor Letter

The coziest spot is under the warm blanket of ideology. It offers easy answers to difficult problems. But, man, is it dangerous, especially in an adapting world. Great stuff happens at the intersection of “Confident enough to take a stand” and “Humble enough to admit when something I don’t want to be true is true.” Morgan Housel Dear Partner: Arquitos Capital Partners returned 5.5% net of fees and expenses in Continue Reading →

June Issue Of Hidden Value Stocks

NOTE: Existing members can skip to the bottom to find the full 20-page issue. We asked a ton of ValueWalk readers what their #1 goal was for improving their value investing. Can you guess what they said? No, it wasn’t more coverage of Apple or Tesla, those are already well covered by the likes of CNBC, sell side firms and blogs. Nor was it more coverage of risky leveraged trades, Continue Reading →