CRMLF - Horos Asset Management Quarterly Letter To Our Co-Investors December 2019
Dear co-investor,
We end a year that has been marked, as you know, by (very) high volatility in equity markets, caused by global political and economic uncertainties. As we have stressed in previous letters, this environment has led investors to seek out companies with more stable businesses or those that are currently more popular. The result is that these companies are becoming more and more expensive relative to smaller or more cyclical businesses.
This trend has slightly reversed in the last quarter of 2019, giving a boost to those who, like us, invest in stocks