rvcapital
In my 2020 Investor letter, I discussed the concept of “Margin of Safety” i.e., paying less for a security than it is worth, and its implications for investing. This memo is intended as a follow-up to that discussion. Q4 2020 hedge fund letters, conferences and more As a recap, I argued that whilst the concept of margin of safety itself is sound and important, the way it has historically been implemented by investors has led them astray. They gave too little thought to the future, based on the assumption that an investment would take care of itself if the margin of safety were great enough. I ...
ValueWalk
RV Capital letter to investors for the year ended December 31, 2020, discussing the correct place to apply margin of safety. Q3 2020 hedge fund letters, conferences and more Dear Co-Investors, The NAV of Business Owner was €872.11 as of 30 December 2020. The NAV increased 17.3% since the start of the year and 779.0% since inception on 30 September 2008. The compound annual growth rate since inception is 19.4%. The Development of our CompaniesI described the development of our companies in my half-year letter with a particular focus on the impact of Covid-19, so I will keep my comments here sho...
ValueWalk
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