FTCH - Tollymore's Q3 2020 Letter To Partners

• Tollymore is a partnership which manages capital on behalf of its principals and a small, special cohort of investment partners who have demonstrated the ability to think unconventionally.
• Tollymore generated returns of +39% in the first nine months of 2020, net of all fees and expenses.
• To manage capital patiently and successfully, it is not desirable to know everything about everything. Rather, our job is to express, through the direction of capital, insights that are anomalous or mispriced.
• Even if a short seller believes a company is worth zero,an investment horizon of five years would still require an annual investment result below what we as long term long only investors might be hoping to achieve.

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