Some links

2017 Letter to shareholders for the TGV Partners Fund

2017 Letter to shareholders from Rob Vinall (RV Capital)

2017 Letter to shareholders from TGV Rubicon Stockpicker

Oaktree’s Howard Marks with his latest memo

John Kingham (UK Value Investor) with his leesons learned in 2017

The 5 levels of investor evolution

And a Jack Ma (Alibaba) interview from the World economic Forum

 

 

8 comments

  • They did very well, but II found it somewhat funny that the best performer in the Partners Fund was Tucows, which is this year down from 70$ to 55$.

    • Well, back in the good old days stocks actually went up and down. These days, most stocks only go up….

      • In January a short thesis was published against tucows, from an anonymous sorce called “copperfield recearch”. This thesis is mainly attacking the company for the fact that Tucows refuses to violate net neutrality and first amendment rights, additionally for a revenue loss of about 500.000 USD. Additionally it attacks ad personam some of the biggest shareholders that are our guys from TGV/langfrist.de.
        As nearly all short thesis show some success in the short distance I do not wonder that tucows got down a bit.

        Even if I propose reading short thesis for every company you think about, IMHO this is among the weakest short thesis I have seen – and I am not yet convinced Tucows is worth its share price.

  • Saggau scored very very high… Good pick and good patience !

  • Good observation. I try to look at them at some point in time……however one has also to be careful not to get into “group think” too much…..

  • Thanks for These links!
    Interestingly two letters have the same Top Pick, Distribution Now.
    Partners Fund increased it’s share in DNOW, while Rubicon Stockpicker opened a new, significant position.

    As they are both part of TGV they will have talked about it. Nevertheless it is auch reason for me to look again into DNOW. Perhaps you also may look again?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.