COST - Greenhaven Road Capital Q4 2021 Letter

• Greenhaven Road is a boutique hedge fund with the patience and confidence to step outside of the norm. Greenhaven Road Capital digs deep, searching in places rarely trafficked to locate the few hidden gems that will outperform a diversified portfolio of blue chips.
• Our 2021 performance diverged from that of the larger indices in part because we owned no stocks in the S&P 500.
• In my opinion, the Federal Reserve is going to keep raising rates until they are convinced that inflation is under control or we are in a recession – and neither path is good for the overall markets.
• Our current challenge is that our economy is too strong, there is too much demand, and prices are rising.

For further details see: