Investor Letters
Letters through December 31, 2021
5 letters reporting on the period ending December 31, 2021, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, January 2022 Muhlenkamp & Company argues that volatile pandemic policy and disrupted supply chains have made inflation and the Federal Reserve’s response the central market risks. The portfolio retained technology and industrial exposure, held gold as insurance against central-bank mistakes, and kept cash available for attractively priced opportunities. 2021 —
- Lansing Street Advisors Q4 2021 Letter – Whole Lot of Money Lansing Street Advisors argues that Federal Reserve stimulus, speculation, elevated valuations, margin debt and insider selling have reduced expected returns for growth stocks and bonds. It favors long-term equity ownership while pointing to emerging markets and value-oriented sectors as relatively inexpensive areas ahead of rate increases. Q4 2021 —
- Andrew Hill Investment Advisors The Client Letter: Pivoting Investment Strategy Andrew Hill Investment Advisors expects pandemic-driven supply constraints to ease while labor and housing shortages keep longer-term inflation elevated. The firm harvested gains in speculative growth holdings, shifted from Nvidia to Apple, and favors recurring-revenue growth companies, renewable energy, financials and healthcare as Federal Reserve policy tightens. Year to Date (as of December 15, 2021) AAPL $5TABBNY $170BABBV $485B
- Palm Harbour Capital Letter 2021 Q4 | 311 KB Palm Harbour Capital argues that inflation, higher rates and fading retail speculation favour cash-generative value businesses with pricing power, commodity exposure and hard assets. It reviews OCI’s fertilizer and methanol assets, Great Eagle’s Hong Kong property and hotel holdings, and operating progress at International Game Technology, OVS, Avid Technologies and Ringmetall. fourth quarter 2021 GEAHF $1.3BOCINF $976M0R5R
- Bireme Capital 4Q21 Quarterly Report Bireme Capital argues that inflation and eventual monetary tightening will end the speculative equity boom and favor value-conscious investors. The portfolio added a long position in Tencent Music while shorting Affirm, EV charging companies and speculative EV names, and it sees Bollore's African-operations bid as validating a much higher sum-of-the-parts value. 4Q21 TME $14BAFRM $24BARKK
