Monthly Letter May 2015

When writing our monthly letters we aspire to sound insigh ul while sta ng the obvious without blushing too much. At the same me our aim is for our readers to gain an increased understanding of how we think about the world in general and get a few snippets from our investments both on the long and the short side. This le er gives a li le bit more room to the individual stock positions.

One of the (obvious) di cul es in inves ng is to gauge what the future holds in store. An interest- ing aspect of this was manifested at a CIO conference we a ended recently. There were roughly 40 of us pitching ideas, listening to poli cians and answering polls from the organizers of the confer- ence. Financials was by a wide margin polled to be the best sector in the coming 12 months. At the same me the poll showed that most of us a ending the conference were more or less equal weighted in Financials. To believe in something is one thing, but to commit capital is a completely different thing. The lack of commitment shows us how low con dence is in general and especially towards the nancial sector. We said it before: we need to work hard to nd the ideas and when we do nd them we need to get to the convic on level to take the investment leap and commit capital.

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