TRIP - Greenwood Investors Q3 2020 Letter

• GreenWood Investors is a mostly-long, deep value investment firm focused on areas of extreme pessimism, structural inefficiencies and low competition.
• Perception Inflections are key to driving performance outside of just company fundamentals. We outline how we think about classifying market narratives on individual companies and are now watching to ensure.
• Learning from a mistake (Rolls-Royce) this year, we’ve added a “Reflexivity Vulnerability” for every name in our portfolio and are more closely watching dynamic situations that could bring a stock into an inferior market narrative.

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