Investor Letters

Letters through December 31, 2018

1 letter reporting on the period ending December 31, 2018, in each firm's own reckoning.

Grey Owl Capital Management Fata Morgana Grey Owl Capital Management treated the fourth-quarter sell-off as a buying opportunity, adding to Jefferies, Allergan, Booking.com, Labcorp and the MSCI Momentum ETF while initiating Caesars Entertainment. It cut TripAdvisor after improved network economics and attractions growth, arguing that credit spreads and market breadth did not warrant a more defensive stance. fourth quarter of 2018 JEF $12BTRIP $1.2BAGN delistedBKNG $158B