Investor Letters

Letters through September 29, 2022

1 letter reporting on the period ending September 29, 2022, in each firm's own reckoning.

Palm Harbour Capital Letter 2022 Q3 | 244 KB Palm Harbour Capital sold Motor Oil after Greece imposed a retroactive windfall tax that it believes discourages refining and renewable-energy investment, and exited Boa Vista amid irrational below-cost pricing by a new competitor. It added two undisclosed positions, trimmed market beneficiaries and added to indiscriminately sold holdings. H&T Group was presented as a countercyclical pawnbroking investment benefiting from tighter high-cost lending regulation and rising household costs. third quarter HAT delisted0ROF delistedBAYZF $56B