Investor Letters
Letters through September 30, 2024
2 letters reporting on the period ending September 30, 2024, in each firm's own reckoning.
- Patient Capital Management Quarterly Market Review 3Q 2024 US equities reached repeated record highs as softer inflation, emerging labor-market weakness and a Federal Reserve rate cut reinforced soft-landing expectations. Smaller-cap and value shares regained ground, while utilities and real estate led sector gains and energy lagged. 3Q 2024 —
- Patient Capital Management 3Q24 Portfolio Activity and Attribution Patient Opportunity Equity added QXO and Dave & Buster’s, funded in part by exits from JPMorgan and Everi following its acquisition. The portfolio argues that QXO’s acquisition-led building-products strategy, Kosmos’s approaching cash-flow inflection, and Seadrill’s tightening deepwater-rig market offer idiosyncratic upside beyond macro conditions. 3Q24 BABA $271BET $74BEXPE $33B
