Q4 2017 list of hedge fund letters

Q4 2017 list of hedge fund letters

Editor’s note – we have a lot more here check it out

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*Last updated on 2/12/18

What’s up, what’s up! Welcome to the Q4 2017 list of hedge fund letters and reports! Read top investors’ commentary on economic activity and market performance in 2017 and what to expect in 2018.

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The letters in this list are from the top hedge funds and the most successful value investing firms in the world – learn about the stock market, the economy, the global geopolitical landscape, and investing strategies and philosophy from the very best in the business today.

Most of this list was compiled by Reddit/r/SecurityAnalysis. ! I’ll keep this list updated as more hedge fund letters are sent in.

For past hedge fund letters and reports, check out the full Vintage Value Investing archive of Hedge Fund Letters.

Ready. Set. Read!

Investment Firm Date Posted
Byron Wien 2018 Suprises January 5
Ewing Morris January 5
Jeremy Grantham Memo January 5
Michael Mauboussin – How Well Do You Compare January 5
Value Investor Insight December January 5
Wiedower Capital January 5
Weitz Asset Management January 5
MPE Capital January 7
Vltava Fund January 8
Absolute Return Partners January 11
Bill Gross January Memo January 11
Carl Icahn Letter to Sandridge January 11
Vilas Capital January 11
FPA Capital Fund January 13
Wedgewood Partners January 13
Kennox Value Fund January 14
Polen Capital January 15
Greenlight Capital January 16
Wolf Hill Capital Management January 16
KKR 2018 Outlook January 17
Barron’s 2018 Roundtable January 18
Horizon Kinetics Presentation January 18
Adventur.es January 19
Euclidean Technologies January 19
Third Avenue Real Estate Fund January 19
Third Avenue Small Cap Fund January 19
Third Avenue International Value Fund January 19
Third Avenue Value Fund January 19
Upslope Capital January 19
Artko Capital January 20
Fundsmith Fund January 21
Horizon Kinetics January 21
Tao Value January 21
Curreen Capital January 22
Sequoia Fund January 22
Ed Thorpe Interview January 23
Hypotenuse Capital January 23
Weitz Funds January 23
Forager Funds January 24
Greenwood Investors January 24
Howard Marks Memo January 24
Longleaf Partners January 24
Arquitos Capital January 25
Atlantic Investment Management January 26
Bill Miller Commentary January 26
Miller Value Partners Equity Fund January 26
Miller Value Partners Income Fund January 26
Clear Bridge Value Trust January 27
RV Capital January 27
TGV Partners Funds January 27
TGV Rubicon Fund January 27
UK Value Investor Lessons January 27
IP Capital Partners January 28
Dane Capital January 29
Pershing Square Holdings January 29
Tweedy Browne January 29
Alluvial Capital January 30
Centaur Funds January 30
FPA Crescent Fund January 30
Goehring & Rozencwajg January 31
River Park CMBS Fund January 31
River Park Fixed Income Funds January 31
River Park Growth Fund January 31
River Park Long/Short Opportunity Fund January 31
River Park Value Fund January 31
Turtle Creek Asset Management January 31
Vltava Fund January 31
Vulcan Value Partners January 31
Absolute Return Partners February 1
Fairholme FUnds February 1
Picton Mahoney February 1
Pzena Asset Management February 1
Greenhaven Road Capital February 3
Maran Capital February 3
Activist Investing Annual Review February 4
Hazelton Capital February 4
Platinum Asset Management February 4
Adestella Investment Management February 5
Barrage Capital February 5
Ewing Morris – A New Take on Fixed Income February 5
Ewing Morris – Broadview Fund February 5
Goodhaven Funds February 5
Kempen Value Fund February 5
Laughing Water Capital February 5
Blue Tower Asset Management February 7
Hayden Capital February 7
Kerrisdale Capital – Eastman Kodak February 8
Mar Vista Investment Partners February 8
Muddy Waters – IQE PLC February 8
Spruce Point Capital – Realty Income February 8
Crescat Capital February 9
Century Management February 11
IBV Capital February 11
RLT Capital February 11
Edgemoor Investment Advisors February 12
Polleit & Riechert February 12

Updated on

Ben Graham, the father of value investing, wasn’t born in this century. Nor was he born in the last century. Benjamin Graham – born Benjamin Grossbaum – was born in London, England in 1894. He published the value investing bible Security Analysis in 1934, which was followed by the value investing New Testament The Intelligent Investor in 1949. Warren Buffett, the value investing messiah and Graham’s most famous and successful disciple, was born in 1930 and attended Graham’s classes at Columbia in 1950-51. And the not-so-prodigal son Charlie Munger even has Warren beat by six years – he was born in 1924. I’m not trying to give a history lesson here, but I find these dates very interesting. Value investing is an old strategy. It’s been around for a long time, long before the Capital Asset Pricing Model, long before the Black-Scholes Model, long before CLO’s, long before the founders of today’s hottest high-tech IPOs were even born. And yet people have very short term memories. Once a bull market gets some legs in it, the quest to get “the most money as quickly as possible” causes prices to get bid up. Human nature kicks in and dollar signs start appearing in people’s eyes. New methodologies are touted and fundamental principles are left in the rear view mirror. “Today is always the dawning of a new age. Things are different than they were yesterday. The world is changing and we must adapt.” Yes, all very true statements but the new and “fool-proof” methods and strategies and overleveraging and excess risk-taking only work when the economic environmental conditions allow them to work. Using the latest “fool-proof” investment strategy is like running around a thunderstorm with a lightning rod in your hand: if you’re unharmed after a while then it might seem like you’ve developed a method to avoid getting struck by lightning – but sooner or later you will get hit. And yet value investors are for the most part immune to the thunder and lightning. This isn’t at all to say that value investors never lose money, go bust, or suffer during recessions. However, by sticking to fundamentals and avoiding excessive risk-taking (i.e. dumb decisions), the collective value investor class seems to have much fewer examples of the spectacular crash-and-burn cases that often are found with investors’ who employ different strategies. As a result, value investors have historically outperformed other types of investors over the long term. And there is plenty of empirical evidence to back this up. Check this and this and this and this out. In fact, since 1926 value stocks have outperformed growth stocks by an average of four percentage points annually, according to the authoritative index compiled by finance professors Eugene Fama of the University of Chicago and Kenneth French of Dartmouth College. So, the value investing philosophy has endured for over 80 years and is the most consistently successful strategy that can be applied. And while hot stocks, over-leveraged portfolios, and the newest complicated financial strategies will come and go, making many wishful investors rich very quick and poor even quicker, value investing will quietly continue to help its adherents fatten their wallets. It will always endure and will always remain classically in fashion. In other words, value investing is vintage. Which explains half of this website’s name. As for the value part? The intention of this site is to explain, discuss, ask, learn, teach, and debate those topics and questions that I’ve always been most interested in, and hopefully that you’re most curious about, too. This includes: What is value investing? Value investing strategies Stock picks Company reviews Basic financial concepts Investor profiles Investment ideas Current events Economics Behavioral finance And, ultimately, ways to become a better investor I want to note the importance of the way I use value here. It’s not the simplistic definition of “low P/E” stocks that some financial services lazily use to classify investors, which the word “value” has recently morphed into meaning. To me, value investing equates to the term “Intelligent Investing,” as described by Ben Graham. Intelligent investing involves analyzing a company’s fundamentals and can be characterized by an intense focus on a stock’s price, it’s intrinsic value, and the very important ratio between the two. This is value investing as the term was originally meant to be used decades ago, and is the only way it should be used today. So without much further ado, it’s my very good honor to meet you and you may call me…
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