Investor Letters
Letters through December 31, 2019
4 letters reporting on the period ending December 31, 2019, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, January 2020 Muhlenkamp & Company attributed its relative lag to avoiding expensive defensive, disruptive and high-growth shares such as Amazon, Tesla and Mastercard. The firm expects trade uncertainty to recede and continues seeking undervalued profitable businesses, while monitoring inflation, industrial activity and credit conditions. 2019 —
- Lansing Street Advisors What A Long Strange Trip It’s Been Lansing Street Advisors argues that strong corporate earnings and restrained consumer and corporate spending supported the post-crisis expansion, but elevated equity and private-market valuations and low bond yields limit forward expectations. It urges retirement planning centered on cash flow, taxes, insurance, estate planning and longevity risk rather than market forecasts. Q4 2019 —
- JM Finn Market Commentary December 2019 Global markets benefited from the Federal Reserve's shift from rate increases to rate cuts, even as manufacturing weakened, US-China tensions persisted and UK politics remained unsettled. James Godrich expects political clarity, reduced fiscal austerity and supportive central banks to aid growth, while urging investors to remain flexible against inflation and recession risks. December 2019 —
- Palm Harbour Capital Letter 2019 Q4 | 276 KB Palm Harbour Capital added positions and introduced Esprinet, Jost Werke, CIR and Aryzta as undervalued businesses with resilient economics or turnaround potential. It tendered Gamenet after Apollo secured control, while arguing that OCI’s operational disruption should ease and that CIR’s merger and asset sales could narrow its holding-company discount. fourth quarter of 2019 0NFS ARZTF $1.3BJST $1.2B
