Investor Letters
Letters through December 31, 2022
5 letters reporting on the period ending December 31, 2022, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, January 2023 Muhlenkamp & Company attributes the year’s market disruption to persistent inflation and Federal Reserve tightening, while monitoring China, Europe, Japan and reduced dollar use for potential financial stress. The portfolio holds unusually high cash balances, energy investments and recession-resistant health care holdings while waiting to buy bargain-priced companies. 2022 —
- Lansing Street Advisors Stuck in the Middle with You Lansing Street Advisors argues that rapid Federal Reserve tightening has deflated speculative excesses while inflation pressures recede, leaving equity and balanced-portfolio valuations near historical midpoints. It favors dividends and bonds as sources of income and ballast, and expects a weaker dollar and mean reversion to support international equities and new market leadership. Q4 2022 —
- Troy Asset Management Investment Report No. 75 Trojan Fund retained a low equity exposure after reducing risk assets during the 2021 bubble, while reassessing the concentration of prior winners such as Microsoft. The portfolio favors US index-linked bonds and gold protection, arguing that labour shortages and higher inflation volatility will keep the cost of capital above its recent regime. 2022 SPXSF $5.4B
- Andrew Hill Investment Advisors Investment Wrap Up of 2022 & Outlook for 2023 Andrew Hill Investment Advisors reduced technology and long-duration bond exposure during the selloff, then began selectively adding stocks and longer-term high-grade bonds. The firm favors Treasury bills for near-term cash needs and municipal bonds for taxable accounts, while arguing that Federal Reserve tightening risks an unnecessary recession. It sold Tesla over governance concerns and added Merck for its defensive balance sheet and Keytruda-led growth. 2022 TSLA $1.4T
- Palm Harbour Capital Q4 2022 Letter Palm Harbour Capital added LNA Santé, arguing that its nursing-home business has stronger regulation, lower operating leverage and a different property model than Orpea or Korian. The fund sold Ringmetall on peak-cycle earnings concerns and remains positioned for valuation-driven opportunities amid inflation and rate volatility. fourth quarter 2022 LNA $281M0NEX IBST $427M
