Investor Letters
Letters through December 31, 2020
2 letters reporting on the period ending December 31, 2020, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, January 2021 Muhlenkamp cut Apple and Microsoft after they exceeded value estimates and redirected capital to industrial and energy companies. It maintained gold exposure as a hedge against dollar devaluation, while avoiding bonds and remaining wary of banks exposed to commercial and retail real-estate stress. 2020 —
- Palm Harbour Capital Letter 2020 Q4 | 273 KB Palm Harbour Global Value Fund argues that vaccine optimism and stimulus-driven speculation have prolonged a valuation bubble, while high-quality businesses trading on modest cashflow multiples remain attractive. It discusses RHI Magnesita, Befesa, OCI, Esprinet, Avid Technology and Melco as holdings with improving operating conditions, rerating potential or durable competitive positions. fourth quarter of 2020 MDEVF $717M086280 $10B0NFS
