After a year-long hiatus, Above Average Odds Investing is back. Our reasons are multifold (I missed you guys!), but for now just know that we’ve got some amazing bells and whistles coming down the pipe. Within the next 1-2 months the site will experience a dramatic overhaul that should usher in a new era for the site/service. To say we’re excited to roll out these changes is an understatement. So stay tuned!

To kick things off right, I’ve included long-time friend of the blog Adam Patinkin’s latest letter to partners. Adam is a CFA Charterholder and is the Founder and Managing Member of David Capital Partners, LLC (“David Capital”), based in Chicago, IL.  Prior to founding David Capital in late-2011, Adam was a member of the investment team at Sheffield Asset Management, L.L.C., a $500M long/short equity hedge fund. At Sheffield, he was responsible for sourcing and evaluating investment opportunities in public securities and commodities markets on a global basis.  Adam specializes in cyclical industries and businesses undergoing substantial structural or competitive change. His equity investment experience covers a wide range of sectors and is augmented by significant work involving commodities, credit, derivatives, and special situations.

I’ve had the pleasure of knowing Adam for a few years now, and in my opinion he is about as brilliant and incisive an investor as there is.  Adam launched his fund with $2M in assets in late-2011, and in about 2.5 years he’s grown it to more than $20M – which speaks to his talent, top notch analytical abilities, and a fund almost certain to have a very bright future.  At 29 years-old, we think he’s a “rising star” in the value world/hedge fund community.

Adam’s quarterly letters usually provide an in-depth write-up on a single investment idea, but in his latest missive he switches gears to share his thoughts on the broader markets.  Adam has generously allowed us to republish his commentary on AAOI (we unfortunately are unable to publish the rest of the letter, including performance metrics, for compliance reasons).

I think it’s a great read and a wonderful way to re-launch the site.  At any rate, we look forward to sharing Adam’s thoughts again in the future (you can count on it) – David Capital is without a doubt a fund to keep an eye on!

Enjoy!

David Capital Partners, LLC – 2013 Q4 Macro Commentary FINAL