GILD - Silver Ring Value Partners Q4 2020 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.
• Despite the market heavily favoring high-priced growth stocks of the kind outside of my circle of competence, the partnership was up by 33% gross and by 27% net of all fees for the year.
• The portfolio had 10 investments, cash at 3% and option-adjusted net exposure at 75% at the end of the quarter.
• I evaluate the quality of the Business, the Management and the Balance Sheet as part of my assessment of each company.
• The ones who look at daily, monthly and quarterly"returns." Thinking they are "crushing it" or getting"crushed." All of that time being fooled by the randomness of the market.

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