Holding through the storm

I am writing this with no idea how the year ends, which is rather the point. A forecast made in the eye of a storm is worth nothing, and I will not insult you with one.

Here is what I can tell you. The businesses we own have not changed their character in three months, even though their prices have. The company that makes the components the world depends on still makes them. The diagnostics business serving demand that is not going away still serves it. Markets have repriced our holdings violently. Markets have not, in most cases, re-engineered them.

Prices move at the speed of fear. Businesses move at the speed of business.

We have added a little where the gap between price and prospect grew absurd. We have sold nothing in a panic. We are keeping cash back for the opportunities that fear always ends up creating. And we are doing the least glamorous thing of all, which is waiting, on your behalf, with our own money alongside yours.

The views above are the firm's own and are provided for information only. They are not investment advice, nor an offer or solicitation to invest. Capital at risk; the value of investments can go down as well as up, and past performance is not a guide to future results.