SBUX - Ensemble Capitals' Quarterly Letter - Q3 2020

• Ensemble Capital Management, LLC is based in Burlingame, California, midway between Silicon Valley and San Francisco. The firm offers customized portfolio management and philanthropic solutions with unparalleled client service.
• The study of epidemiology will not provide an accurate forecast of economic activity during a pandemic. It turns out that sociology and psychology play a huge role as well.
• One thing to keep in mind is that the stock market is not a mechanism for passing judgement on everything that happens in the world. Instead, the market is simply a way for investors to trade ownership of various companies whose value is primarily a function of how much those companies will earn in the future.
• In 2008 and 2012, investors with conservative political views were horrified by the election of Barack Obama, but if they let their political views cause them to have a very negative investment outlook, they missed out on massive gains.

For further details see: