VZ - Canterbury Tollgate Investor Letter - Year-End 2020

• Canterbury Tollgate is a value and quality-oriented investment manager with a distinctive focus on equity evaluation & selection plus risk mitigation.
• CTG Fluxion returned +35.07 percent net for the year versus a total return of +18.40 percent for the S&P 500, +16.33 percent for the MSCI All-World Index, and +14.83 percent for a hypothetical 70/30 portfolio.
• The top five contributors for the year: Etsy, Amazon, CyberArk, Facebook, and GoDaddy.
• The top five detractors, which I largely exited before mid-March: Fiat, Ulta Beauty, Magna International, Delta Airlines, and Southwest Airlines.
• Avoid any who brag about short-term results or whoimagine them meaningful. Seek the few who understand that risk is never absent.And by all means, avoid the sensationalistic, over promising buffoons that makeall manner of unverifiable proclamations and obsess over the trivially irresolvable and meaningless.

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