Allan Mecham’s Arlington Value Capital had an incredible 2014, with its AVM Ranger fund gaining 31.8% in the year compared to the S&P 500’s 13.7% gain. In the firm’s latest letter to investors, Mecham said that over the last six-and-a-half years, Arlington has compounded 37.9% per annum, compared to the S&P 500’s 9.9%.

He also provided an update on some of the firm’s most important positions throughout 2014.


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