3Q 2018 Letter to Investors

Updated: Nov 5, 2018

Economic uncertainty is the theme of this quarter's letter. We talk about how the trade was is impacting everyday life now that tariffs are starting to bite with a story about the rising price of Fritos at the vending machine. We also re-cap some of our long-time holdings and talk about why we decided to hold or fold on three real-estate firms. Read 3Q Letter to Investors