CLOV - Nomadic Value Investment Partners Q4 2020 Investor Letter

January, 20 2021 10:29 AM Clover Health Investments Corp.

Nomadic Value Investment Partners is a d/b/a of Ashdon Investment Management, LLC, an SEC-registered investment adviser founded in 2002. Joshua D. Collinsworth directs all research and portfolio management activities for NVIP.
In mid-December we initiated a position in Equity Commonwealth, an office REIT that owns only 4 properties, has no debt, and was trading close to the cash value on its balance sheet at the time of our purchase.
In this case, the SPAC is paying an enormous sum for a company that is yet to commercially exist but is expected to revolutionize the recycling industry over the next five years.
Pockets of the US equity market are undeniably overvalued and perhaps are in “bubble” territory. With many stocks today, if an investor gets the future directionally correct but without near perfection on what revenues and margins will be in 5-7 years, they will likely lose money.

For further details see:

Company Name:	Clover Health Investments Corp.
Stock Symbol:	CLOV
Market:	NYSE
Website:	cloverhealth.com