MTB - Giverny Capital Asset Management Q4 2023 Letter
2024-01-27 11:00:00 ET
Summary
- Giverny Capital Asset Management, LLC is a partnership between Giverny Capital of Montreal and David Poppe, the former president and chief executive officer of Ruane, Cunniff & Goldfarb, LLC.
- One reason why I am confident in our future is that our return outpaced the Index for 2023, and approached it for the three-year period, despite our light exposure to the tech giants.
- I would also note that even after a big return in 2023, the market outside of the Magnificent Seven is not especially expensive.
- My investment decision is that we’ll be better off over time looking for younger companies that have years of earnings growth ahead of them, and preferably with founders or owner-operators at the helm.
To Our Clients and Friends:
For the fourth quarter and year ended December 31, 2023, the Giverny Capital Asset Management model portfolio, which is a Poppe family account 1 , performed as follows 2 :
| GCAM Performance |
| Quarter ending |
| Year-to- date ending |
| One-year ending |
| Three years ending |
| *Annualized Since Inception |
| 12/31/2023 |
| 12/31/2023 |
| 12/31/2023 |
| 12/31/2023 |
| 12/31/2023 |
| Portfolio Net Return |
| 16.26% |
| 29.07% |
| 29.07% |
| 8.94% |
| 18.68% |
| 11.69% |
| 26.29% |
| 26.29% |
| 10.00% |
| 19.66% |
| Excess Return -Net |
| 4.57% |
| 2.78% |
| 2.78% |
| -1.06% |
| -0.98% |
| * Inception Date 04/01/2020 |
The stock market is peculiar in its ability to deliver a satisfactory result over time in a manner that feels unsatisfying. It's perhaps like a restaurant with amazing food and awful service. Or a slot machine in reverse: you mostly win and over time your wealth increases. But every so often you suffer a debilitating loss that causes real financial pain. On top of this, the losses generate headlines and the gains are often received skeptically....
Giverny Capital Asset Management Q4 2023 Letter