NTDOF - Ensemble Capitals' Quarterly Letter - Q4 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.
• While the longer-term costs of Congressional action (i.e. potential concerns about debt levels and/or increased inflation) will not be known until later, 2020 actually saw the fastest ever growth in household income.
• The fact is the stock market is not a barometer of how “good” or “bad” the state of the world is. Rather it is simply a mechanism for estimating the value of the profits various public companies will generate in the future.
• We think the homebuilding industry has a number of multiyear tailwinds at its back and that NVR is uniquely positioned to capitalize across the cycle.

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