QRTEA - Silver Ring Value Partners Qw 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.
• The portfolio ended the quarter at a very attractive Price to Base Case Value ratio of 56%, which makes me excited about its future prospects.
• The portfolio had 15 investments plus hedges, cash at 1% and option-adjusted net exposure at 68% at the end of the quarter.
• My investment decisions are driven by bottom-up considerations, and cash is a residual of that bottom-up investment process.

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