Investor Letters
Letters through March 31, 2021
3 letters reporting on the period ending March 31, 2021, in each firm's own reckoning.
- JM Finn Market Commentary March 2021 Markets rotated toward cyclical value shares as vaccination progress, fiscal spending and accumulated consumer savings lifted inflation and rate expectations. James Godrich contrasts the market’s reflation trade with the Federal Reserve’s view that inflation will prove transitory, arguing for diversification amid the uncertainty. March 2021 —
- Palm Harbour Capital Letter 2021 Q1 | 324 KB Palm Harbour Capital declined to tender Gamesys at Bally’s proposed price and plans to wait on the opportunistic ASTM take-private offer. It expects Aryzta’s North American sale to refinance expensive hybrids, and argues that Cementir and Stora Enso offer undervalued exposure to improving industrial, packaging and pulp demand. first quarter of 2021 ARZTY $1.1BBAYZF $48BCMTHF
- Greenhaven Road Capital Q1 2021 Greenhaven Road added to PAR Technology after its Punchh acquisition, arguing that an integrated restaurant-software platform could create pricing power. The portfolio emphasized Elastic, KKR, RCI Hospitality and Digital Turbine, while the manager sold Twitter after rapid appreciation and began building a selective SPAC and warrant-investing effort. first quarter 2021 APPS $1.3BESTC $9.9BKKR $80B
