Investor Letters
Letters through September 30, 2020
3 letters reporting on the period ending September 30, 2020, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, October 2020 Muhlenkamp & Company positioned the portfolio for an economic recovery while retaining cash for more attractive opportunities and maintaining gold as a hedge. The firm reduced long-held positions trading above its estimate of value and warned that pandemic-related business failures could pressure banks, commercial loans and real estate. Quarter ended 09/30/2020 —
- Lansing Street Advisors Has America Been Saved By Zero? Federal Reserve zero-rate policy, unusually high household and corporate cash balances, and continued fund outflows from equities challenge the view that investor FOMO is driving the market. Lansing Street Advisors argues that valuations and IPO activity remain below 1999 extremes, while advising investors to adhere to financial plans rather than trade election headlines. Third Quarter 2020 —
- Palm Harbour Capital Letter 2020 Q3 | 246 KB Palm Harbour Global Value Fund retained its value strategy amid pandemic uncertainty and expectations of eventual mean reversion in expensive growth assets. It backed Esprinet after insider buying and strong trading, opposed Danieli’s savings-share conversion terms, and argued that Unieuro’s omnichannel progress and Bayer’s crop-science outlook were underappreciated. third quarter of 2020 0NFS ARZTF $1.3BBAYZF $49B
