- GreenWood Investors is a mostly-long, deep value investment firm focused on areas of extreme pessimism, structural inefficiencies and low competition.
- We remain encouraged, but not satisfied, by the outperformance in the quarter which restored the long term, through-the-cycle, track record back to our minimum objective of 7.5% per year.
- All of the performance was driven by companies whose stock market narrative graduated to a more enthusiastic category. We detail how we believe we are well poised with our investment in CTT and how we see a company vastly differently from the market.
- We explain why we added MicroStrategy in October - to protect us from the worst case scenario for value investors.
- We end with a lesson to not take many lessons from the current Barnum & Bailey market. We are ready on the short side and look forward to many of our long positions graduating in the year ahead.
For further details see:
Greenwood Investors Fourth Quarter 2020 Letter