TCTZF - Rowan Street Capital Q4 2020 Letter To Partners

• Rowan Street Capital, LLC is a global value-oriented investment firm that is focused on high conviction, high concentration investments with a long-term time horizon. We seek to invest in strong businesses, managed by good people that we can purchase at discounted prices in relation to their intrinsic value.
• Rowan Street had a very successful 2020 - our best year since inception. Our fund recorded a return of +48.2% (net of fees and fund expenses), compared to +18.4% for the S&P 500 index.
• There is nothing in our record that suggests that we can add any value by making those predictions and trying to time the market, in contrast to an inordinate amount of energy and resources that is spent on these activities on Wall Street.
• This approach has proved to be successful for us throughout our investment careers and we will continue to focus on that because we think it’s logical, repeatable, simple and straight forward.
• Now, every time the market experiences elevated (double-digit) returns over a 10-year period or longer, investors start developing very unrealistic expectations of future returns.

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