Overview
"Sell in May and go away!" - this long-standing adage just describes what Mr. Market was doing last month, causing big drops in major equity indices. Our referenced benchmarks were down 5-8% (as displayed below) as the volatility comes back into play.
In May, our portfolio managed to beat the S&P 500 and Berkshire Hathaway, but nobody should care about one-month performance too much. I believe that any value/quality investors would be willing to trade in short-term volatility for long-term outperformance (if needed).
As was implied previously, among all these benchmarks, MSCI ACWI All-Cap