QRTEA - Silver Ring Value Partners Q1 2021 Letter

• Silver Ring Value Partners Limited Partnership provides investment advisory services. The Company offers portfolio management, financial planning, and trading services. Silver Ring Value Partners serves investors in the State of Massachusetts.
• At the end of Q1 2021 the portfolio was attractively priced, with the Price to Base Case value ratio at 66%. The portfolio had 12 investments, cash at 8% and option-adjusted net exposure at 42% at the end of the quarter.
• I continue to view returns that exceed inflation by 10% per year over a full market cycle as an excellent goal to strive for.
• The ratio of Price to my estimate of Normalized EPS was 7x for a collection of businesses that I expect to grow profits at low single-digit rates on average over the long term.

For further details see: