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The Quarterly Recap
December 31, 2022
This quarter’s commentary includes an excerpted version of my interview with The Motley Fool.
We initiated two new holdings and eliminated two others in the fourth quarter. We believe that these new investments are more attractive positions on a risk-adjusted basis for the Fund.
We believe that the lower and more widely dispersed valuations in the market today have allowed us to redeploy capital into increasingly attractive investments. We are optimistic that these decisions will sow the seeds...
There were two great lessons in the difficulty of predictions this year. First, professional market forecasters nailed their call on aggregate company fundamentals, but failed miserably at guessing the resulting stock prices. The second...
A top contributor to the Fund’s performance was the largest operator of for-profit hospitals and related health care services in the U.S., while a top detractor was a U.S.-based global leader in e-commerce and...
A top contributor for the quarter was an Italian retail and commercial bank, while a top detractor was a Swiss financial services company.
Insights and CommentaryBill Nygren, CIO- U.S.
Insights and CommentaryDavid Herro, CIO-International
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