To My Investors, The stock market had another strong year in 2021, gaining 30%. Our stock returns were around 23%, with most of your portfolios up about 18% after taking cash balances into account. This is the second straight year of underperformance, bringing the total two-year returns on our equity portfolios to +41% compared to +51% for the stock market. I’m going to examine that underperformance in this letter in the context of our strategy and long-term goals of earning strong after-tax returns without taking undue risk.
2021 Annual Letter
Fantastic good sir.
Lots of good stuff in there, thank you for sharing your thoughts! 💚 🥃
Wonderful letter - your clients are lucky to have such a thoughtful and transparent investor managing their capital.