PTON - Rowan Street Q1 2024 Letter
2024-05-03 10:15:00 ET
Summary
- Rowan Street Capital, LLC is a private investment fund focused on long-term ownership of a few “extraordinary” businesses. We are neither “value” nor “growth” investors. We are compounding investors! Our investment process involves in-depth ”homegrown” fundamental research and a proprietary valuation methodology.
- Rowan Street gained +25.6% (net) in the first quarter of 2024. Over the past 12 months the fund gained +70.6% (net).
- Mr. Market gave us a real education in 2021-22, the kind you can never get from books or classrooms — you have to experience it!
- To illustrate what we've learned from these experiences, we explore some specific examples where this pattern manifested in our decision-making.
Dear Partners,
This March marked the 9th anniversary of Rowan Street Capital. When you first start a fund, there's this pressure to quickly prove yourself and achieve success by making what may seem like brilliant moves. But with time, the wisdom in Warren Buffett’s words becomes crystal clear:
Rowan Street Q1 2024 Letter“Investors achieve outstanding long-term results not by making brilliant decisions, but by avoiding dumb ones.”