Investor Letters
Letters through September 30, 2022
3 letters reporting on the period ending September 30, 2022, in each firm's own reckoning.
- Andrew Hill Investment Advisors Hurricane Ian Edition of the Client Letter/4Q2022 Andrew Hill Investment Advisors cut equity exposure, added an S&P 500 short position and kept bond maturities short with high credit quality as the Federal Reserve raised rates. The firm favored energy-transition holdings and rebuilding beneficiaries, while waiting for bond yields and earnings expectations to stabilize before extending duration or taking more equity risk. Q3 2022 NEE $162BTSLA $1.5T
- 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 2022 BAYZF $48BMOHCF $7.6BOCINF $981M
- Bireme Capital 3Q22 Quarterly Report Bireme Capital argued that persistent inflation will force the Federal Reserve to maintain restrictive policy, replacing the market’s buy-the-dip reflex with a sell-the-rally regime. It added to Twitter as confidence grew that Elon Musk would be compelled to close his acquisition, sold Tencent Music after deterioration in its core businesses, and detailed the growth cases for RCI Hospitality and Netflix. 3Q22 NFLX $511BRICK $199MTME $13B
