HMHC - Greystone Capital Q4 Letter To Clients

• Greystone Capital is a long only, equity focused Registered Investment Adviser located in West Chester, PA. The firm utilizes a fundamental research process focused on identifying mispriced small and microcap securities in order to build a concentrated portfolio of high conviction investments.
• Looking ahead, our sequence of returns will be volatile (the timing and magnitude of which remain unpredictable) and random, but over a long enough period I believe my investment strategy should provide us with the opportunity for above average returns.
• Unfortunately, many of our holdings have not been immune to this negative market activity and in fact, during the one-month drawdown between November and December when indices barely budged from all time highs, there was notable carnage under the surface among our universe of companies, some of which we own.

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