TK - Horos Asset Management Quarterly Letter To Our Co-Investors September 2019
Dear co-investor,
We finish the third quarter of 2019, a period of continuity with respect to previous quarters, in which investors' money continues to flow towards certainty, at any price, and flees from the most illiquid and/or cyclical companies, despite the attractiveness of their valuation.
This situation is causing an unsatisfactory relative (and absolute) return on our portfolios in the short term, but nevertheless contributes to generating great opportunities for appreciation in the long-term. At Horos it is clear to us that we must flee from the "fashionable", as comfortable as it may seem to