3rd Quarter 2020 Partner Letter

This letter is our report card to our partners. We strongly encourage you to read it carefully as often the difference between success and failure in investing boils down to understanding what you own. Investments rarely align themselves with monthly or quarterly results, so it’s important to understand the logic behind the reported results. I believe success in the stock market is often about investors with conviction taking money from those that lack it. I have added dynamically updated spreadsheets tracking the performance of the notable insider buys to better aid in our understanding of how well the strategy of following insiders works versus the implementation of it. Clearly some insider trades are better than others.