WORK - RV Capital's 2020 Letter To Co-Investors

• RV advises the Business Owner fund and manages accounts that mirror the fund. The investors are a mixture of endowments, family offices and private individuals. The fund can invest worldwide across all sectors.
• The NAV of Business Owner was €872.11 as of 30 December 2020. The NAV increased 17.3% since the start of the year and 779.0% since inception on 30 September 2008. The compound annual growth rate since inception is 19.4%.
• On a cheerier note, in the third quarter of 2020, we became co-owners in Slack, a channels-based communication service for businesses.
• Margin of safety can be understood as the difference betweenthe intrinsic value of a security and what an investor pays for it. The greaterthe discount to intrinsic value, the higher the margin of safety.
• If I look back at some of the best investment opportunitiesI have missed, it strikes me that when I thought I was being conservative, Iwas in fact being inaccurate.

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