To My Investors, In the investment markets, 2020 was a truly dramatic year. At the height of the fear over the coronavirus pandemic, US stocks were down 30%, and from there they staged a rally and finished the year up 18.4%. Our stock returns were around __%, with most of your portfolios up __% after taking cash balances into account.
2020 Annual Letter
2020 Annual Letter
2020 Annual Letter
To My Investors, In the investment markets, 2020 was a truly dramatic year. At the height of the fear over the coronavirus pandemic, US stocks were down 30%, and from there they staged a rally and finished the year up 18.4%. Our stock returns were around __%, with most of your portfolios up __% after taking cash balances into account.