TSLA - Broyhill Asset Management 2020 Annual Letter

• Broyhill Asset Management is a boutique investment firm, established as a family office and guided by a value orientation.
• Our largest contributors for the second half were investments in LatAm Airports, Anheuser Busch InBev, and Dollar Tree Stores. There were no material detractors from performance.
• At year-end, our top five holdings in alphabetical order, which made up the majority of our invested capital, were Altria, Anheuser-Busch InBev, Dollar Tree, Equity Commonwealth, and McKesson.
• We’ve seen a number of short squeezes in our time, but nothing like what we just saw. In the past three months, a basket of the fifty most heavily shorted stocks in the market roughly doubled.
• Given the magnitude of the capital raised, future losses are likely to be even greater than the poor returns posted on average. These“blank-check companies” raised more money in 2020 than all the capital raised in the last ten years combined.

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