The Complete List Of Hedge Fund Letters To Investors

Every quarter, FinMasters curates an archive of quarterly hedge fund letters from all over the web.

These letters are from the top hedge funds and the most successful value investing firms in the world – learn about the stock market, the economy, the global geopolitical landscape, and investing strategies and philosophy from the very best in the business today.

Many of the letters are sourced from Reddit/r/SecurityAnalysis but also include other sources. If you have any more hedge fund letters or reports – especially ones with a value investing focus – please send them here.

Enjoy the archive!

* Last updated on June 23rd, 2022

2022 Hedge Fund Letters

Q1 2022 Hedge Fund Letters

Investment Firm	Date posted
Michael Mauboussin – Intangibles & Earnings	April 13
Octahedron Capital	April 13
Zoltan Pozsar – Money, Commodities & Bretton Woods III	April 13
Vltava Fund	April 14
Weitz	April 14
Wedgewood Partners	April 17
Worm Capital	April 17
Crossingbridge Funds	April 19
Farnam Street	April 19
Laughing Water Capital	April 19
Merion Road	April 19
Newfound Research	April 19
O’Keefe Stevens	April 19
Platinum Trust	April 19
Rowan Street	April 19
White Brook Capital	April 19
East72	April 20
Ensemble Fund	April 20
Greenlight Capital	April 20
Kerrisdal – DWAC	April 21
Pershing Square – Netflix	April 21
Pzena	April 21
Third Avenue Value Fund	April 21
Aikya	April 25
Bireme Capital	April 25
Bronte Capital	April 25
Claret Asset Management	April 25
Greenhaven Road	April 25
Hoisington	April 25
Kovitz	April 25
Soundshore	April 25
Tweedy Browne	April 25
Alluvial Capital	April 27
Curreen Capital	April 27
Donville Kent	April 27
Farrar Wealth	April 27
Maran Capital	April 27
Snead Capital	April 27
WindAcre Partnership – Nielsen	April 27
Alphyn Capital	April 28
NZS Capital	April 28
Giverny Capital	April 28
Blue Tower Asset Management	April 30
Distillate Capital	April 30
Headwaters Capital	April 30
LRT Capital	April 30
Old West Capital	April 30
Upslope Capital	April 30
CAS Investment Partners	May 2
Culper Research – VERU	May 2
Greystone Capital	May 2
Praetorian Capital	May 2
Alta Fox Capital	May 3
Elliot Management – Western Digital	May 4
Massif Capital	May 4
Zoltan Poszar – Commodity Chokepoints & QT	May 5
Bridgewater Capital	May 6
Goldman Sachs Sustainability	May 6
Graham & Doddsville	May 6
Hindenburg Research – Singularity Future Technology	May 6
Horizon Kinetics – Roundtable	May 6
Steel City Capital	May 6
Wedgewood Partners – Focused SMID	May 6
Turtle Creek	May 8
Mittleman Brothers	May 9
Silvering Partners	May 9
Third Point Capital	May 9
Goldman Sachs – Top of the Mind	May 16
Richie Capital	May 16
Saint James Investment Company	May 16
Vulcan Value Partners	May 16
1Main Capital	May 17
Cedar Creek Partners	May 17
Longcast Advisors	May 17
Miller Income Strategy	May 17
Miller Opportunity Equity	May 17
Miller Value Strategy	May 17
Saga Partners	May 17
Spruce Point Capital – AMR	May 17
Bonsai Partners	May 18
RF Capital	May 18
GMO	May 23
Goehring & Rozencwajg	May 23
Hayden Capital	May 23
Lux Capital	May 23
Nordstern Capital	May 23
Voss Capital	May 26
Howard Marks Memo – Bull Market Rhymes	June 1
Sequoia Capital Memo – Adapting to Endure	June 1
Calderwood Capital	June 6
Goldman Sachs – Green Metals	June 6
Horizon Kinetics	June 6
Rhizome Partners	June 6
Wolfpack Research – ZoomInfo	June 6
Goldman Sachs – Global Views	June 8
Hindenburg Research – Ebix	June 8
Bonhoeffer Capital	June 22
Culper Research – PLL	June 22

2021 Hedge Fund Letters

Q4 2021 Hedge Fund Letters

Investment Firm	Date Posted
Bill Nygren	January 12
Clark Street Value	January 12
Fundsmith	January 12
Messari	January 12
Newfound Research	January 12
Akre Focus Fund	January 13
Palm Valley Capital	January 13
The Block	January 13
Vltava Fund	January 13
Worm Capital	January 13
Aikya Emerging Markets	January 16
Curreen Capital	January 16
Howard Marks Memo	January 16
Ruffer	January 16
Stewart Asset Management	January 16
Wedgewood Partners	January 16
Bronte Capital	January 17
East72	January 17
REQ Capital	January 17
TGV Partners Fund	January 17
Claret Asset Management	January 18
Pzena	January 18
Tollymore Partners	January 18
Ensemble Capital	January 20
Longleaf Small Cap	January 20
Third Avenue Value Fund	January 20
Whitebrook Capital	January 20
Alluvial Capital	January 21
Massif Capital	January 25
Rowan Street	January 25
Arch Capital – Sprouts Farmers Markets	January 26
Fundsmith – Unilever + GSK	January 26
Giverny Capital	January 26
Horizon Kinetics	January 26
O’Keefe	January 26
TGV Rubicon Fund	January 26
TGV Truffle Fund	January 26
Weitz	January 26
Pershing Square – Netflix	January 30
Tidefall	January 30
Arch Capital	January 31
Farnam Street Investments	January 31
Greenhaven Road	January 31
Greenlight Capital	January 31
Hirschmann Capital	January 31
Maran Partners	January 31
Miller Value – Deep Value	January 31
Miller Value – Income	January 31
Miller Value – Opportunity	January 31
Prescience Point – Groupon Update	January 31
VGI Partners	January 31
Alphyn Capital	February 1
FPA Crescent Fund	February 1
Safehouse Capital – Crocs	February 1
Bonitas Research – Short Report on MP Materials	February 3
Boyar Value	February 3
Palm Capital	February 3
Baupost	February 6
Donville Kent	February 7
Greystone	February 7
MPE Capital	February 7
Overseas – Asia Recovery Fund	February 7
Packer & Co	February 7
Saga Partners	February 7
Steele City	February 7
Blackwell Capital – Peloton	February 10
Euclidean Technologies	February 10
SRK Capital	February 10
Desert Lion	February 13
Mittleman Brothers	February 13
Salt Light Capital	February 13
Arquitos Capital	February 14
Silver Ring Partners	February 14
Ewing Morris	February 16
Hayden Capital	February 16
Laughing Water Capital	February 16
Broyhill	February 17
Bumbershoot Holdings	February 17
Pershing Square Annual Presentation	February 17
Third Point Capital	February 17
Alta Fox – Hasbro Presentation	February 18
GMO	February 18
Spruce Point – C3ai	February 28
Tao Value	February 28
Berkshire Hathaway	March 1
Bilgari	March 1
Bonsai Partners	March 1
Goldman Sachs – Russia Risk	March 1
Legacy Ridge Capital	March 1
Markel	March 1
Rhizome Partners	March 1
Goehring & Rozencwajg	March 2
FPA Small Cap	March 2
RLT Capital	March 2
Semper Augustus	March 2
Shadow Ridge	March 2
Donville Kent	March 11
Gator Capital	March 11
Bonhoeffer	March 14
Ruffer Review	March 14
Lindsell Train	March 16
Greenwood Investors	March 17
JPMorgan – Metaverse Opportunities	March 22
Massif Capital – Real Assets	March 22
Lindsell Train	March 23
Goldman Sachs – Web 3	March 24
Howard Marks Memo	March 24
Goldman Sachs – Stagflation Risk	March 26
JCap Research – Short Thesis on Firefinch	March 30
Absolute Return Partners	April 5
Zoltan Posar – Money, Commodities & Bretton Woods	April 5
Jamie Dimon	April 7
Hindenburg Research – Mullen Automotive	April 7
Spruce Point Capital – Stryker	April 7
Symmetry	April 7
Crossroads Capital	April 11
Sohra Peak	April 11

Q3 2021 Hedge Fund Letters

Investment Firm	Date Posted
JPM Guide to the Markets	October 4
Blackbear Value	October 12
Bonitas Research – TMC	October 12
Grizzly Reports – Peak Fintech Group	October 12
Kerrisdale Capital – Camber Energy	October 12
Massif Capital	October 12
Michael Mauboussin – Categorizing for Clarity	October 12
Newfound Research	October 12
ValueXVail Presentations	October 12
Vltava Fund	October 12
Aikya	October 20
An Introduction to CLOs	October 20
Bill Miller	October 20
Bill Nygren	October 20
DMZ Partners	October 20
Ensemble Capital	October 20
Euclidean Technologies	October 20
Hoisington	October 20
JPM Eye on the Market	October 20
NZS Capital	October 20
Rowan Street	October 20
Summers Value Partners	October 20
Tidefall Capital	October 20
Upslope Capital	October 20
Wedgewood Partners	October 20
Greenlight Capital	October 21
Whitebrook Capital	October 21
Alphyn Capital	October 25
Bonitas Research – ESS Tech	October 25
Bronte Capital	October 25
Crescat Capital	October 25
Desert Lion Capital	October 25
Distillate Capital	October 25
Giverny Capital	October 25
Horizon Kinetics	October 25
Myrmikan Capital	October 25
Polen Focus Growth	October 25
Silver Ring Partners	October 25
Steel City Capital	October 25
Tao Value	October 27
Claret Asset Management	October 28
Third Point Capital	October 28
Alta Fox Capital	November 2
Bireme Capital	November 2
Donville Kent	November 2
First Eagle Management	November 2
Goldman Sachs – Top of the Mind	November 2
Greenhaven Road Capital	November 2
JCapital Research – Vulcan Resources	November 2
Maran Partners	November 2
Moody’s – Canadian Housing	November 2
Spruce Point Capital – Heska	November 2
Third Avenue Value Fund	November 2
Tollymore Partners	November 2
Viceroy – Stone and PagSeguro	November 2
1Main Capital	November 13
Alluvial Capital	November 13
Angel List	November 13
Blue Tower	November 13
Elevation Capital – Avid Technology	November 13
Goldman Sachs	November 13
Invesco	November 13
Nordstern Capital	November 13
Raging Capital	November 13
RGA	November 13
Absolute Return Partners	November 15
Hayden Capital	November 15
Arquitos Capital	November 17
Polen Capital – E-Comemrce	November 17
Prescience Point – Aersale	November 17
BofA – Digital Assets Primer	November 23
Jefferies – Metaverse Primer	November 23
Lux Capital	November 23
McKinsey – The Rise of the Global Balance Sheet	November 23
Myrmikan Research	November 23
Bonsai Partners	November 24
Greenwood Investors	November 24
Howard Marks Memo	November 24
Rhizome Partners	November 24
Arisaig Partners	November 30
Hosking Partners	November 30
Goldman Sachs – Inflation	November 30
Bonhoeffer Capital	December 1
Goldman Sachs – Global Macro	December 2
Goldman Sachs – Investing in EM Womenomics	December 2
Ewing Morris – Transcript	December 3
Goldman Sachs – Europe	December 7
Goldman Sachs – Indian Equities	December 7
Hindenburg Research – Tecnoglass	December 7
LRT Capital	December 7
Spruce Point Capital	December 7
Greenhaven Partners Fund	December 13
eConomy – South East Asia	December 15
GMO	December 15
Bonitas Research – Short Thesis on Agrify	December 16
Kerrisdale – Short Thesis on Meta Metarials	December 16
Muddy Waters – Short Thesis on KE Holdings	December 16
Goldman Sachs – Investing in Climate Change	December 28
Prescience Point – Long Thesis on Groupon	December 28
Vltava Fund	December 28
Gator Capital	December 29
Kerrisdale Capital – Hubspot	December 29
Kerrisdale Capital – Short Thesis on Astra Space	December 30
Saber Capital on Buffett and Belichick	January 2
Ethos Investment Management	January 3
Goldman Sachs – Investing in China	January 10
Turtle Creek Asset Management	January 11

Q2 2021 Hedge Fund Letters

Investment Firm	Date Posted
1Main Capital	July 25
Adestella	September 13
Akiya	August 10
Alger Mid Cap Focus Fund	July 17
Alger Small Cap Focus Fund	July 17
Alger Spectra Fund	July 17
Alger Weatherbie Specialized Growth Fund	July 17
Alphyn Capital	July 19
Alphyn Capital Management	July 14
Alta Fox Capital – IDT Corp	July 5
Altafox Capital	August 4
Andaz	July 5
Andaz Private Investments	August 28
Andvari Associates	July 17
Appleseed Fund	August 28
Argosy Investors	August 3
Ariel Trust Funds	August 28
Arisaig	August 4
Arisaig – Navigating ESG in China	July 5
Arisaig Partners	July 20
Arquitos Capital	August 28
Artisan Global Discovery Fund	August 23
Artisan Value Fund	August 23
Artko Capital	August 23
Ashmore	July 5
Asia Frontier Fund	July 21
Baillie Gifford	July 29
Baron Health Care Fund	July 18
Baron Real Estate Fund	July 18
Bernzott Capital Advisors	July 20
Bill Miller	July 12
Black Bear Value Partners	July 19
Blue Tower Asset Management	July 20
Bonhoeffer	August 30
Bronte Capital	July 27
Broyhill	August 23
Cantor Fitzgerald	August 10
Cedar Creek Partners	July 25
Choice Equities Fund	August 23
Citron Research – Long Thesis on Digital Ocean	August 3
Comus Investments	July 14
Cooper Investors Global Equity Fund (Hedged)	July 17
Cooper Investors Global Equity Fund (Unhedged)	July 17
Crescat Capital	July 5
Crestcat Capital	August 10
Culper Research – Aemetis	August 4
Curreen Capital	July 21
Desert Lion	August 24
Distillate Capital	July 17
Donville Kent – Escape Velocity in Canadian Tech	August 4
East72	July 12
Edelweiss Journal	July 13
Edgewood Management	July 25
Elliot Letter to GSK	July 5
Ensemble Fund	July 21
Evermore Global Value Fund	August 28
FMI All Cap Equity	July 14
FMI International Equity	July 14
FMI Large Cap Equity	July 14
FMI Small Cap Equity	July 14
FPA Crescent Fund	July 29
Fundsmith Equity Fund	August 28
Gator Capital	August 24
Goehring & Rozencwajg	August 23
Goldman Sachs – Bidenomics	July 12
GoodHaven Fund	August 28
Greenhaven Road Capital	August 28
Greenhaven Road Partners Fund	September 2
Greenlea Lane	July 13
Greenlight Capital	July 27
Greystone Capital	July 25
Grizzly Reports – TSP Short Thesis	August 13
Guardian Funds	July 19
Harding Loevner Emerging Markets Equity	August 28
Harding Loevner Global Equity	August 28
Harding Loevner Global Small Companies	August 28
Harding Loevner International Equity	August 28
Harding Loevner International Small Companies Equity	August 28
Hayden Capital	August 28
Headwaters Capital	July 14
Heartland Mid Cap Value Fund	July 18
Heartland Value Fund	July 18
Heartland Value Plus Fund	July 18
Hindenburg Research – DraftKings Short Thesis	June 22
Hoisington Investment Management	July 20
Horizon Kinetics	July 25
Horos Funds	August 10
Hosking Partners	August 23
Howard Marks Memo – Thinking About Macro	August 4
JCap Research – Chromadex Short Thesis	July 5
JDP Capital	July 21
Jehoshaphat – Short Thesis on AdaptHealth	July 27
JPM Guide to the Markets	July 5
Kerrisdale Capital – Long Thesis on Acutus Medical	July 27
Kerrisdale Capital – Long Thesis on Maxar Technologies	August 4
Kerrisdale Capital – Virgin Galactic Short Thesis	June 22
L1 International Capital Fund	July 20
Lakehouse Capital	July 26
Laughing Water Capital	July 25
Lazard on Emerging Markets	July 13
Longleaf Partners Fund	July 15
Longleaf Partners Global Fund	July 15
Longleaf Partners International Fund	July 15
Longleaf Partners Small-Cap Fund	July 15
Longriver	July 12
LRT Capital	August 23
Luca Capital	August 11
Madison Dividend Income Fund	July 20
Madison Investors Fund	July 20
Madison Mid Cap Fund	July 20
Madison Small Cap Fund	July 20
Maran Capital	July 25
Massif Capital	July 18
Merion Road Capital	July 20
Miller Income Strategy	August 11
Miller Opportunity Equity	August 11
Miller/Howard Investments	July 18
MPE Capital	July 17
Muddy Waters	August 23
Nelson Capital	July 18
Newfound Funds	July 12
Nordstern Capital	July 19
NZS Capital	July 12
Octahedron Partners	September 13
Old West Capital Management	July 17
Packer & Co	July 12
Palm Capital	August 28
Palm Valley Capital Fund	July 15
Perpetual Global Innovation	August 3
Pershing Square – UMG/PSTH Transaction Overview	June 22
Peterson Fund	July 20
Pzena	July 21
Pzena Investment Management	August 10
Qualivian	September 13
RF Partners	September 13
RGA Advisors	August 13
RGA Investment Advisors	August 10
Rhizome Partners	August 28
Richie Capital Group	July 17
RiverPark Large Growth	July 17
RiverPark Long/Short Opportunity Fund	July 17
RiverPark/Wedgewood Fund	August 28
Ron Baron	July 24
Rondure Global	August 28
Rowan Street	August 3
Ruane, Cunniff & Goldfarb	July 19
RV Capital 1H 2021	August 30
Saga Partners	August 23
Saltlight Capital	August 2
Semper Vic Partners	September 12
Silver Ring Partners	July 21
Smead Value Fund	July 17
Spree Capital	August 23
Spruce Point – Oatly Group	July 20
SRK Capital	August 13
St. James Investment Company	July 14
Summers Value Partners	July 29
Symphony International Holdings	August 23
Tao Value	August 10
TCI – Canadian National Railway	September 13
TGV Falkstein Fund	July 19
TGV Intrinsic Fund	September 12
TGV Partners Fund	July 19
TGV Rubicon Fund	July 19
Third Avenue International Real Estate	July 21
Third Avenue International Real Estate Value Fund	July 17
Third Avenue Real Estate	July 21
Third Avenue Real Estate Value Fund	July 17
Third Avenue Small Cap	July 21
Third Avenue Small-Cap Value Fund	July 17
Third Avenue Value Fund	July 17
Third Point	August 10
Third Point Capital	August 10
Tidefall Capital	July 20
Tweedy Browne	August 10
Upslope Capital	July 20
Upslope Capital Management	August 10
Viceroy Research – Recon Africa	July 5
Vltava Fund	July 14
Vulcan Value	August 10
Wedgewood Partners	July 14
WertArt Capital	August 28
Whitebrook Capital	July 20
Wolfpack Research – SGOC Short Thesis	August 23
Wolfpack Research – Short Thesis on MOXC	July 29
Worm Capital	July 17

Q1 2021 Hedge Fund Letters

Investment Firm	Date Posted
1 Main Capital Partners	April 20
1Main Capital	April 26
a16z Marketplace 100	April 15
Absolute Return Partners	May 6
Aikya	May 6
Aikya Funds	April 27
Akre Capital	April 28
Akre Focus Fund	April 17
Alger Mid Cap Focus Fund	April 11
Alger Small Cap Focus Fund	April 12
Alger Spectra Fund	April 12
Alger Weatherbie Specialized Growth Fund	April 14
Alluvial Capital	May 3
Alluvial Capital Management	April 27
Alphyn Capital	April 15
Alphyn Capital Management	April 8
Alta Fox Capital	May 3
Alta Fox Capital Management	April 27
Andaz	May 7
Andaz Private Investments	April 27
Andvari Associates	April 15
Appleseed Fund	May 3
Argosy	April 15
Argosy Investors	April 8
Ariel Trust Funds	May 6
Arisaig Partners	April 17
Arquitos	April 22
Artisan Global Discovery Fund	May 6
Artisan International Value Fund	April 22
Artisan Mid Cap Fund	April 16
Artisan Small Cap Fund	April 22
Artisan Value Fund	May 6
Artko Capital	May 6
Baron Asset Fund	April 15
Baron Discovery Fund	April 15
Baron FinTech Fund	April 22
Baron Growth Fund	April 18
Baron Health Care Fund	April 15
Baron Opportunity Fund	April 15
Baron Partners Fund	April 18
Baron Real Estate Fund	April 18
Baron Small Cap Fund	April 22
Bernzott Capital Advisors	April 16
Bill Miller Commentary	April 15
Bill Nygren Commentary	April 15
Blue Hawk Investment Group	April 28
Blue Tower Asset Management	May 6
Bonhoeffer Capital	May 7
Bonhoeffer Capital Management	May 3
Bonsai Partners	May 7
Bronte Capital	April 14
Canterbury Tollgate	May 1
Carillon Eagle Mid Cap Growth Fund	April 16
Carillon Eagle Small Cap Growth Fund	April 16
Cedar Creek Partners	April 27
Choice Equities Fund	May 6
Citron – JMIA	May 7
Claret Asset Management	April 26
Comus Investment	April 15
Cooper Investors Global Equity Fund (Hedged)	April 15
Cooper Investors Global Equity Fund (Unhedged)	April 15
Crescat Capital	May 19
Crestcat Capital	May 3
Curreen Capital	April 26
Del Principe	April 15
Del Principe O’Brien Financial Advisors	April 5
Desert Lion	April 26
Diamond Hill Small Cap Fund	April 27
Distillate Capital	April 16
Donville Kent Asset Management	April 27
East72	April 15
East72 Holdings	April 5
Eclidean Technologies – Systematic Investing and Deep Learning	May 3
Ensemble Fund	April 1
Epoch Investment Partners	April 27
Euclidean Technologies	May 19
First Eagle	April 22
First Eagle Global Value	April 25
FMI All Cap Equity	April 14
FMI International Equity	April 14
FMI Large Cap Equity	April 14
FMI Small Cap Equity	April 14
FPA Crescent Fund	April 27
Gator Capital	May 7
Giverny Capital	April 21
Giverny Capital Asset Management	April 18
Global Money Dispatch	April 14
Goehring & Rozencwajg	May 3
Graham & Doddsville	May 6
Greenhaven Road Capital	May 3
Greenlight Capital	April 21
Greenwood Investors – The Psychology of Value Creation	May 3
Greystone Capital	April 26
Greystone Capital Management	April 20
Harding Loevner Emerging Markets Equity	April 16
Harding Loevner Global Equity	April 16
Harding Loevner Global Small Companies	April 28
Harding Loevner International Equity	April 16
Harding Loevner International Small Companies Equity	May 2
Hayden Capital	May 19
Headwaters Capital	April 15
Heartland Mid Cap Value Fund	April 18
Heartland Value Fund	April 20
Heartland Value Plus Fund	April 20
Hoisington Investment Management	April 15
Horizon Kinetics	April 27
Horos Funds	April 22
Hosking Partners	May 12
JPM Guide to the Markets	April 14
Kinsman Oak Equity Fund	April 20
L1 Capital Long Short Fund	April 25
L1 International Capital Fund	April 16
Laughing Water Capital	April 26
Lemelson Capital	April 15
Longleaf Partners Fund	April 15
Longleaf Partners Global Fund	April 15
Longleaf Partners International Fund	April 15
Longleaf Partners Small-Cap Fund	April 15
LRT Capital	May 6
Madison Dividend Income Fund	April 15
Madison Investors Fund	April 15
Madison Small Cap Fund	April 15
Maran Capital	May 3
Maran Capital Management	April 27
Massif Capital	May 3
Merion Road	April 15
Merion Road Capital	April 7
Miller Income Strategy	April 28
Miller Opportunity Equity	April 28
Miller Value	April 1
Miller/Howard Investments	April 16
Mittleman Brother(s)	April 15
Muddy Waters – Lemonade	May 19
Myrmikan Research	May 3
Nelson Capital	April 16
NZS Capital	April 15
Oakmark Fund	April 8
Oakmark Global Fund	April 8
Oakmark Global Select Fund	April 8
Oakmark Select Fund	April 8
Oaktree Insights – Performing Credit	May 13
Old West Capital Management	April 15
Oldfield Partners	May 19
Palm Capital	April 22
Palm Harbour Capital	May 6
Palm Valley Capital	May 3
Palm Valley Capital Fund	April 6
Peterson Investment Fund	April 15
Polen Capital – Focus Growth	April 20
Polen Capital – Global Growth	April 20
Polen Capital – International Growth	April 20
Polen Capital – International Small Company Growth	April 27
Polen Capital – U.S. Small Company Growth	April 27
Polen U.S. SMID Company Growth	April 27
Prescience Point Capital – MDXG	April 15
Pzena	May 6
Pzena Investment Management	May 3
RGA Investment Advisers	April 22
RGA Investment Advisors	April 27
Rhizome Partners	April 29
Richie Capital Group	April 9
Ritchie Capital Group	May 19
RiverPark Growth Fund	April 15
RiverPark Large Growth	April 14
RiverPark Long/Short Opportunity Fund	April 14
Ruffer Review	April 26
Salt Light Capital	May 3
Saturna Capital	May 4
Saturna Capital – Amana Funds	May 6
Saturna Capital – Sextant Funds	May 6
Selcouth Capital	May 6
Silver Ring Value Partners	May 15
Smead Value Fund	April 16
Spree Capital	April 16
St. James Investment Company	April 14
Steel City Capital	April 23
Stewart Asset Management	May 3
Summers Value Fund	April 15
Tao Value	April 21
The Problems with Cooper Supply	April 30
Third Avenue Funds	May 12
Third Avenue International Real Estate Value Fund	April 17
Third Avenue Real Estate Value Fund	April 17
Third Avenue Small-Cap Value Fund	April 18
Third Avenue Value Fund	April 18
Third Point	May 2
Third Point Capital	April 22
Tidefall Capital Management	April 18
Tweedy Browne	May 10
Upslope Capital	May 6
Upslope Capital Management	April 14
Vltava Fund	April 21
Vulcan Value Partners	April 25
Wasatch Core Growth Fund	April 17
Wasatch Micro Cap Fund	April 17
Wasatch Micro Cap Value Fund	April 17
Wasatch Small Cap Growth Fund	April 17
Wasatch Small Cap Value Fund	April 17
Wasatch Ultra Growth Fund	April 17
Wedgewood Partners	April 15
Weitz Hickory Fund	April 25
Weitz Partners III Opportunity Fund	April 25
Weitz Partners Value Fund	April 25
Weitz Value Fund	April 25
Whitebrook Capital	April 14
Worm Capital	April 27

2020 Hedge Fund Letters

Q4 2020 Hedge Fund Letters

Investment Firm	Date Posted
1 Main Capital	February 1
Admiral Capital	January 18
Aikya Funds	January 17
Alger Mid Cap Focus	December 31
Alger Small Cap Focus	December 31
Alger Spectra Funds	December 31
Alger Weatherbie	December 31
Alluvial Capital	February 4
Alluvial Capital Management	February 2
Alphyn Capital	January 25
Altafox Capital	January 29
Anabatic Investment Partners	January 26
Andaz	February 1
Andaz	December 31
Andvari	February 5
Andvari Associates	December 31
AQR	January 15
Argosy Partners	January 13
Arisaig	January 7
Ark Invest – Big Ideas 2021	February 4
Arquitos Capital	January 26
Artisan International	January 7
Artisan Mid Cap	January 7
Artisan Small Cap	January 25
Artko Capital	February 4
Avenir Capital	February 5
Avory & Co	January 21
Baron Asset Fund	December 31
Baron Discovery Fund	December 31
Baron Fintech Fund	January 25
Baron Growth Fund	January 25
Baron Health Care Fund	December 31
Baron Real Estate Fund	December 31
Bernzott Capital	January 21
Bill Miller	January 12
Bill Nygren Commentary	January 17
Blackstone 10 Surprises	January 17
Blue Tower Asset Management	January 27
Bluehawk Advisors	February 5
Bond Covenants, Bankruptcy Risk & Cost of Debt	January 12
Bonsai Partners	February 4
Bronte Capital	January 17
Canterbury Tollgate	January 25
Carillon Eagle Mid Cap Growth Fund	January 21
Carillon Eagle Small Cap Growth Fund	January 25
Cedar Creek Partners	February 6
Citron Research – STEM	January 21
Cliff Asness	January 19
Comus Investment	December 31
Concentrated Compounding*	January 5
Cooper Investments	January 25
Cooper Investors Global Equities (Hedged)	December 31
Cooper Investors Global Equities (Unhedged)	December 31
Crescat Capital	February 1
Crestcat Capital	January 30
Culper Research – CleanSpark Short Thesis	January 14
Curreen Capital	January 14
Davis Financial Fund.	January 30
Davis Global Fund	January 30
Davis International Fund	January 30
Davis New York Venture Fund	January 30
Davis Opportunity Fund	January 30
Diamond Hill Small Cap Fund	February 2
Distillate Capital	January 21
Donville Kent	January 21
Edgebrook Partners	January 29
Egerton Capital	December 31
Emeth Value Capital	January 25
Ensemble Capital	January 29
Epoch Investment Partners	January 26
Fairholme Funds	February 4
FAM Funds	January 26
Farview Capital – CDON Presentation	January 25
Fiduciary Management All Cap Equity	December 31
Fiduciary Management International Equity	December 31
Fiduciary Management Large Cap Equity	December 31
Fiduciary Management Small Cap Equity	December 31
First Eagle Global Value	January 22
First Eagle Management	February 4
Forager Funds	January 19
FPA Crescent Fund	February 4
Fundsmith LLP	January 19
Giverny Capital	January 22
Greenhaven Road Capital	February 1
Greenlight Capital	January 22
Greystone Value	January 17
Grizzly Research – DOYU Short Thesis	January 21
Harding Loevner Global Equity	January 30
Harding Loevner Global Equity	January 30
Harding Loevner Global Small Companies	January 30
Harding Loevner International Equity	January 30
Harding Loevner International Equity	January 30
Harding Loevner International Small Companies Equity	January 30
Harding Loevner International Small Companies Equity	January 30
Hayden Captial	January 21
Headwaters Capital	January 13
Heartland Mid Cap	December 31
Heartland Value Fund	December 31
Heartland Value Plus Fund	December 31
Hirschmann Capital	January 18
Hoisington Funds	January 17
Horizon Kinetics	January 29
Horos Capital	February 5
Hosking Partners	January 19
Howard Marks Memo – Something of Value	January 12
JCapital Research – Bit Digital Short Thesis	January 14
JDP Capital	January 26
Jeremy Grantham – Waiting for the Last Dance	January 12
JPM Global Alternatives Outlook	January 26
JPMorgan Guide to the Markets	January 12
Junto Investments	January 25
Kerrisdale Capital – PLUG Short Thesis	January 25
Kinsman Oak	February 5
L1 Capital International	December 31
Laughing Water Capital	January 25
Lindsell Train	January 19
Logica Capital	February 5
Longcast Advisors	February 5
Longleaf Partners	January 15
Longleaf Partners Global Fund	January 15
Longleaf Partners International Fund	January 15
Longleaf Partners Small Cap	January 15
Longriver Investments	January 18
LRT Capital	January 4
Lyrical Asset Management	January 26
Macquarie Group	February 4
Madison Dividend Income	December 31
Madison Investors Fund	December 31
Madison Mid Cap Fund	December 31
Madison Small Cap Fund	December 31
Maran Capital	February 1
Massif Capital	January 22
Merion Road	February 5
Merion Road Capital	January 14
Miller Funds – Deep Value	February 5
Miller Funds – Income Strategy	February 5
Miller Funds – Opportunity Equity	February 5
Miller/Howard Investments	January 27
Mittleman Brothers	February 5
MPE Capital	January 14
Muddy Waters Letter to S30	January 26
Myrmikan Research	January 15
Newfound Research	January 12
Nomadic Value	January 17
NZS Capital	January 18
Oakmark Global Fund	January 17
Oakmark Global Select Fund	January 17
Oakmark Select Fund	January 17
Old West Capital	January 11
Palm Valley	January 12
Pender Fund	January 14
Permanent Equity	January 18
Polen Focus Growth	December 31
Polen Focus Growth	February 4
Polen Global Growth	December 31
Polen Global Growth	February 4
Polen International Growth	December 31
Pzena Investment Management	December 31
RGA Investment Advisors	February 5
Richie Capital Group	January 18
RiverPark Large Growth	January 12
RiverPark Long Short Opportunity	January 12
Rondure Global Advisors	January 17
Roubaix Capital	February 5
Rowan Street Capital	January 19
Rowan Street Capital	January 25
Ruffer	January 12
RV Capital	January 12
Saber Capital – End of Mean Reversion	January 12
Saga Partners	February 5
Schroeders	February 4
Selcouth Capital	February 4
Sequoia Fund	January 25
Shadowfall Research – Network International Short Thesis	January 12
Shawspring Partners – A Framework for Understanding Optionality	January 12
Silver Ring Partners	January 14
Silver Ring Partners – Freshii Thesis	January 14
Smead Value Fund	January 26
Sorfis Capital	January 29
Spree Capital	January 17
St. James Investment Company	January 14
Steel City Capital	January 19
Summers Value Partners	January 22
Symmetry Invest	February 5
T11 Partners	February 5
Tao Value	January 21
Third Avenue Real Estate Fund	December 31
Third Avenue Small Cap Value Fund	December 31
Third Avenue Value Fund	December 31
Tollymore Partners	February 1
Tweedy Browne	February 2
Tweedy Browne	February 4
Upslope Capital	January 14
Value Investor Insight	February 4
Viceroy Research – Tyro Short Thesis	January 21
Vltava Fund	January 13
Vulcan Value	December 31
Vulcan Value Partners	February 4
Wasatch Core Growth Fund	February 2
Wasatch Micro Cap Fund	February 2
Wasatch Micro Cap Value Fund	February 2
Wasatch Small Cap Growth Fund	February 2
Wasatch Small Cap Value Fund	February 2
Wasatch Ultra Growth Fund	February 2
Wedgewood Partners	January 13
Weitz Hickory Fund	January 27
Weitz Partners III Opportunity Fund	January 27
Weitz Partners Value Fund	January 27
Weitz Value Fund	January 27
White Oak Capital	January 26
Whitebrook Capital	January 26

Q3 2020 Hedge Fund Letters

Investment Firm	Date Posted
Andaz Private Investments	September 30
Comus Investments	October 1
Distillate Capital	October 1
Eschler Asset Management	October 1
T11 Capital Management	October 1
Worm Capital	October 1
Absolute Return Partners – Modern Monetary Theory Explored	October 6
JPMorgan Guide to the Markets	October 6
Kerrisdale Capital – AtriCure Short Thesis	October 6
Spruce Point Capital – Sunnova Energy Short Thesis	October 6
Goehring & Rozencwajg	October 7
Bill Nygren	October 8
Black Bear Value Partners	October 8
First Eagle Management – China	October 8
DMZ Partners	October 9
DoubleLine	October 9
Goldman Sachs – Post Election Policies	October 9
Third Point Capital – Disney Letter	October 9
Vltava Fund	October 9
Citron Research – Compass Pathways Long Thesis	October 13
Ensemble Fund	October 13
Grizzly Reports – Short Thesis on Celsius Holdings	October 13
Hindenburg Research – Loop Industries	October 13
JCap Research – Short Thesis on ACM Research	October 13
Newfound Research	October 13
Starboard Value – Corteva and ON Semiconductors	October 13
Howard Marks Memo	October 13
Argosy	October 15
Massif Capital – ESG	October 15
Mclain Capital	October 15
Ruane, Cunniff & Goldfarb	October 15
Spree Capital	October 15
Summer Value Partners	October 15
Upslope Capital	October 15
Bill Miller	October 16
Boyar Value Group	October 16
Bonitas Research – Short Thesis on Hyliion	October 16
Cedar Creek Partners	October 16
Cooper Investors	October 16
Curreen Capital	October 16
Third Point Capital	October 16
Wedgewood Partners	October 16
Blue Tower Asset Management	October 20
Laughing Water Capital	October 20
NZS Capital	October 20
Alluvial Capital	October 21
Bronte Capital	October 21
Hoisington	October 21
Polen Global Growth	October 21
Viceroy Research – Grenke	October 21
Weitz Management	October 21
Bireme	October 23
Bonsai Partners	October 23
Forager Funds	October 23
Glasshouse Research – Columbia Sportswear Short Thesis	October 23
Massif Capital	October 23
Oldfield Partners	October 23
Sparkline Capital – Intangibles	October 23
Aikya	October 26
Arisaig	October 26
Giverny Capital	October 26
Luca Capital	October 26
Nomadic Value	October 26
Turtle Creek	October 26
White Brook Capital	October 26
Grizzly Reports – Short Thesis on SPI Energy	October 27
First Eagle Value	October 28
Gator Capital	October 28
Greenlight Capital	October 28
ICM	October 28
Maran Partners	October 28
Steel City Capital	October 28
FPA Capital Fund	October 29
FPA Crescent Fund	October 29
Graham & Doddsville	October 29
Donville Kent	November 1
Greenhaven Road	November 1
Greenwood Investors	November 1
Horizon Kinetics	November 1
Lazard Review of Share Holder Activism	November 1
Miller Value Partners – Deep Value	November 1
Miller Value Partners – Income	November 1
Miller Value Partners – Opportunity	November 1
Space Investment Quarterly	November 1
Third Avenue Value Fund	November 1
2Point2 Capital	November 5
Alta Fox Capital	November 5
Arquitos Capital	November 5
Artko Capital	November 5
Blue Orca – Seek LTD Short Thesis	November 5
Cartenna Capital	November 5
Desert Lion Capital	November 5
Equirus Fund	November 5
Silver Ring Partners	November 5
Tweedy Browne	November 11
1Main Capital	November 12
Black Bear Value Partners	November 12
Bonitas Research – China Harmony Auto Holdings Short Thesis	November 12
Goehring & Rozencwajg	November 12
Greystone Capital	November 12
Miller Howard Investments	November 12
Mittleman Brothers	November 12
Muddy Waters – MultiPlan Short Thesis	November 12
Pzena	November 12
Selcouth Capital	November 12
Tollymore Partners	November 12
Compound Everyday Capital	November 16
Crescat Capital	November 16
Merion Road	November 16
Riverpark Long/Short Opportunity Fund	November 16
Spruce Point Capital – AVY Short Thesis	November 16
Hayden Capital	November 19
Hayden Capital – Afterpay Presentation	November 19
Rhizome Partners	November 19
Muddy Waters – Joyy Inc Short Thesis	November 19
Bluehawk Investors – Pinterest	November 24
Greenhavenroad Partners Fund	November 24
IP Capital Partners	November 24
JPM – Long Term Capital Market Assumptions	November 24
Kerrisdale Capital – Tattooed Chef Short Thesis	November 24
Rowan Street Capital	November 24

Q2 2020 Hedge Fund Letters

Investment Firm	Date Posted
Blackrock Midyear Outlook	July 3
Epoch Partners – Capital Markets Outlook	July 3
JPMorgan Guide to the Markets	July 3
Logica Funds – Talking Your Book About Value III	July 3
Andaz	July 6
NZS Capital	July 6
Tollymore Partners	July 7
Elliot Management – Crown Castle Letter	July 7
Elliot Management – Crown Castle Presentation	July 7
Lindsell Train	July 8
Vltava Fund	July 8
Bill Nygren	July 9
Lazard – Outlook on EM	July 9
MPE Capital	July 9
Oakmark Funds	July 9
Palm Valley Capital	July 9
JDP Capital	July 10
Massif Capital	July 10
Akre Focus Funds	July 13
Andvari	July 13
Baron Funds	July 13
Giverny Capital	July 13
McLain Capital	July 13
Bill Miller	July 14
Blue Orca Capital – Short China Feihe	July 14
Desert Lion	July 14
GMO White Paper on Profit Margins	July 14
Silver Ring Partners	July 14
Wedgewood Partners	July 14
Bill Gross – The Real Deal	July 15
David Capital	July 15
Rowan Street	July 15
Upslope Capital	July 15
Argosy Investors	July 17
Distillate Capital	July 17
IAC	July 17
1Main Capital	July 21
Citron Research – LRN	July 21
Curreen Capital	July 21
East Coast AM 2009 – 2015	July 21
Forager Funds	July 21
GMO Emerging Markets	July 21
Hirschmann Capital	July 21
Polen Capital Focus Growth	July 21
Polen Capital Global Growht	July 21
Steel City Capital	July 21
TGV Partners Fund	July 21
Third Avenue Real Estate	July 21
Third Avenue Small Cap Value	July 21
Third Avenue Value Fund	July 21
Verdad – The Bubble 500	July 21
Harding Loevner	July 23
Nomadic Value	July 23
Pzena	July 23
Summers Value	July 23
Weitz	July 23
Boyar Value	July 24
Maran Capital	July 24
Tao Value	July 24
Whitebrook Capital	July 24
Canterbury Tollgate	July 27
Ensemble Fund	July 27
Greenhaven Road	July 27
Horizon Kinetics	July 27
Laughing Water Capital	July 27
Old West Management	July 27
Euclidean	July 28
Miller Income Strategy	July 28
Miller Opportunity Equity	July 28
Miller Value	July 28
Alluvial Capital	July 29
Bonsai Partners	July 29
Greystone Capital	July 29
JDP Capital	July 29
Pabrai Funds	July 29
Spree Capital Advisors	July 29
AltaFox Capital	August 3
Arquitos Capital	August 3
Baupost Group	August 3
Donville Kent	August 3
Evermore Global	August 3
Fairholme Funds	August 3
First Eagle	August 3
Gator Capital	August 3
Lakewood Capital	August 3
Saga Partners	August 4
Goehring & Rozencwajg	August 5
Greenlight Capital	August 5
Aikya	August 6
Artko Capital	August 6
Bluehawk Investment Group	August 6
Emeth Value	August 6
Howard Marks Memo – Time for Thinking	August 6
Salt Light Capital	August 6
Tweedy Browne	August 6
Third Point Capital	August 7
Coho Capital	August 10
Bonhoeffer Capital	August 11
Lightsail Capital	August 11
Askeladden Capital	August 12
Hayden Capital	August 12
James Montier – Reasons Not to be Cheerful	August 13
Jcapital Research – Starr Surgical	August 13
Culper Research – Short Thesis on Blink Charging	August 20
Greenwood Investors	August 20
Mittleman Brothers	August 20
RF Capital	August 20
Superstring Capital	August 20
TGV Intrinsic Fund	August 20
Willow Oak Funds	August 20
Broyhill	August 21

Interview	Date Posted
Ray Dalio – Bloomberg	July 8
Greg Jensen – Bridgewater	July 9
Charlie Munger	July 10
Janet Yellen	July 15
Sam Zell on REITs	July 15
Josh Friedman	July 17
Ensemble Capital – Market Update	July 21
Invest Like the Best – Charlie Songhurst	July 21
Howard Marks – CFA Society Chile	August 3
Gavin Baker – AI Tailwind for Semiconductors	August 3
Howard Marks Bloomberg	August 7
Beeneet Kothari	August 17
Joel Greenblatt	August 20

Q1 2020 Hedge Fund Letters

Investment Firm	Date Posted
A Primer on Reading Annual Reports	April 7
Absolute Return Partners	April 7
Bankruptcy Law Primer	April 7
Berkshire Hathaway Annual Report	April 7
Crescat Capital – Blood in the Streets	April 7
Fundsmith	April 7
Glasshouse Research – Cubic Corp	April 7
Grants – Grand Tour of Junk	April 7
Hindenburg Research – HF Foods	April 7
Horizon Kinetics – March 20	April 7
Horizon Kinetics – March 25	April 7
Howard Marks Memo – March 3	April 7
Howard Marks Memo – March 19	April 7
Howard Marks Memo – March 31	April 7
J Capital – GDS Holdings	April 7
James Montier – Fear and Psychology of Bear Markets	April 7
Jamie Dimon	April 7
JDP Capital	April 7
JPMorgan – Guide to the Markets	April 7
Oaktree Capital – Assessing Relative Credit	April 7
Oaktree Capital – Risks and Opportunities in EM	April 7
O’Shaughnessey Asset Management	April 7
Pershing Square Capital – Annual Letter	April 7
Pershing Square Capital – CDS Trade	April 7
Sequoia Fund	April 7
Spruce Point Capital – WD-40	April 7
Wedgewood Partners	April 7
Wolfpack Research – IQIYI	April 7
Akre Focus Fund	April 8
Alliance Bernstein Long Cap	April 8
Bill Nygren Commentary	April 8
Howard Marks Memo – April 7	April 8
Vltava Fund	April 8
Vulcan Value Partners	April 8
Bluehawk Investors	April 9
Boston Omaha	April 9
Driehaus Life Sciences	April 9
Riverpark Floating CMBS	April 9
Riverpark Large Growth	April 9
Riverpark Long Short Opportunity	April 9
Schiehallion Fund	April 9
Thornburg Global Opportunities	April 9
Brown Advisory	April 10
GMO White Paper	April 10
Mawer	April 10
Newfound Research	April 10
Templeton and Phillips	April 10
Universa Investments	April 10
FPA Crescent Fund Transcript	April 11
Third Avenue Value Fund	April 11
Desert Lion Capital	April 12
Massif Capital	April 12
Muddy Waters – eHealth	April 12
Turtle Creek	April 12
UBS 2020 Real Estate Report	April 12
Crescat Capital	April 15
Howard Marks Memo – April 14	April 15
Longleaf Partners	April 15
Madison Investors Fund	April 15
Pabrai Funds	April 15
St. James Investment Company	April 15
Antipodes	April 17
Artisan Mid Cap	April 17
Baron Funds	April 17
Cooper Investors	April 17
David Herro	April 17
Ensemble Fund	April 17
Jeff Bezos Annual Letter	April 17
KKR Global Macro Insights	April 17
Robotti	April 17
Summer Value Partners	April 17
Third Point Capital	April 17
Tweedy Browne	April 17
Whitebrook Capital	April 17
Harding Loevner	April 18
Kuleana Capital	April 18
Mairs & Power	April 18
McKinsey – The Future of Travel	April 18
RPIA	April 18
Silver Ring Partners	April 18
Third Point Capital	April 18
Upslope Capital	April 18
Rhizome Partners	April 20
White Crane Capital	April 20
Canterbury Tollgate	April 21
Elliot Management – Perspectives	April 21
First Eagle	April 21
O’Shaughnessy Asset Management	April 21
Baron Funds	April 21
Diamond Hill	April 23
Evermore Global Value	April 23
Giverny Capital	April 23
Kerrisdale Capital – Short Thesis on Mirati Therapeutics	April 23
Maran Capital	April 23
Wolfpack Research – Short Thesis on Inspire Medical Systems	April 23
Ewing Morris	April 24
Hoisington	April 24
Horizon Kinetics	April 24
Merrill Lynch Capital Markets Outlook	April 24
RGA Advisors	April 24
Gardner, Russo & Gardner	April 26
Greenhaven Road Capital	April 26
Polen Focus Growth	April 26
Polen Global Growth	April 26
Steel City Capital	April 26
Guggenheim CIO Outlook	April 28
Hindenburg Research – Short Thesis on New Pacific Metals	April 28
Laughing Water Capital	April 28
Miller Deep Value	April 28
Miller Income Strategy	April 28
Miller Opportunity Equity	April 28
Newfound Research	April 28
Quintessential Capital – Short Thesis on Akazoo	April 28
RF Capital	April 28
White Diamond Research – Short Thesis on BioSig	April 28
Open Square Capital	April 29
TCI Fund – Letter to Wirecard	April 29
Alluvial Capital	April 30
Arquitos Capital	April 30
Bessemer – State of the Cloud Industry	April 30
Broyhill	April 30
Alta Fox	May 2
Boyar Value	May 2
SRK Capital	May 2
Distillate Capital	May 3
First Eagle Fund of America	May 3
First Eagle High Income	May 3
First Eagle Income Builder	May 3
First Eagle Value	May 3
Angelo Gordon	May 5
Citron – Short Thesis on Inovio	May 5
Grizzly Reports – Short Thesis on WUBA	May 5
Tao Value	May 5
Universa on Tail Hedging	May 5
Health Invest Partner	May 7
Amalthea Capital	May 10
Amana Mutual Funds	May 10
Andvari Associates	May 10
Alphyn Capital	May 10
Blue Tower Asset Management	May 10
Hayden Capital	May 10
Horos Asset Management	May 10
LRT Capital	May 10
Palm Valley Capital	May 10
Paul Tudor Jones	May 10
Sextant Mutual Funds	May 10
Steel City	May 10
Third Avenue Real Estate	May 10
Third Avenue Small Cap	May 10
Tidefall Capital	May 10
Touchstone Funds	May 10
Bernzott Capital Advisors	May 11
Compound Everyday Capital	May 11
Comus Invest	May 11
Greenwood Investors	May 11
Guggenheim Investments	May 14
Elliot Management – Alexion	May 14
HG Capital Trust	May 14
Huffman Prairie	May 14
Independent Franchise Partners – Kirin	May 14
Tao Value – Strategy	May 14
Value Investor Insight – Bill Nygren	May 14
Credit Suisse – Global Money Notes	May 15
Howard Marks Memo – Uncertainty	May 15
Logica Funds – Talking Your Book About Value	May 15
Mittleman Brothers	May 15
Top Retail Brands	May 15
Donville & Kent	May 16
Goehring & Rozencwajg	May 16
Apollo Asia Fund	May 18
Bonitas Research – Short Thesis on Pets at Home	May 18
Culper Research – Update on Catasys	May 18
Hindenburg Research – Short Thesis on China Metals Resource Utilization	May 18
Lightsail Capital	May 18
Muddy Waters – Update on Burford Capital	May 18
Spruce Point Capital – Short Thesis on Forescout Technologies	May 18
Verdad – High Yield	May 18
KKR Global Macro Trends	May 20
Lightsail Capital	May 20
FPA Crescent Fund	May 20
Aoris	May 22
Giverny Capital Asset Management	May 22
Bireme Capital	May 25
Greenhaven Road Partners Fund	May 25
Hindenburg Research – Short Thesis on Sorrento Therapeutics	May 26
Land & Buildings – Short Thesis on Empire State Realty Trust	May 26
Muddy Waters – Short Thesis on GSX	May 26
Viceroy Research – Short Thesis on Sorrento Therapeutics	May 26
JLL – US Office Outlook	May 27
Massif Capital – Long Thesis on Bakkafrost	May 27
Bonhoeffer Fund	May 29
Howard Marks Memo – Uncertainty II	May 29
Muddy Waters – Update on GSX	May 29
Citron Research – Long Thesis on RH	June 1
CloudyThunder Research – Short Thesis on Tianneng Power	June 1
Horseman Capital	June 1
JCapital Research – Short Thesis on NovaGold	June 1

Interview	Date Posted
Bill Ackman – Bloomberg	April 7
Bill Ackman – CNBC	April 7
Jim Chanos	April 7
Murray Stahl	April 7
Oaktree Capital – Emerging Markets	April 7
Oaktree Capital – Relative Value	April 7
Steve Bregman	April 7
Fundsmith Annual Meeting	April 8
Grant Williams 2020 Series	April 9
Barry Diller	April 17
Willow Oak Value Hour	April 17
Ray Dalio – Bloomberg	April 18
Invest Like the Best – Dan Rasmussen	April 18
Invest Like the Best – Gavin Baker	April 18
Masters in Business – James Montier	April 18
Carl Icahn – Bloomberg	April 26
Greg Maffei – CNBC	April 26
A Shift in Investment Strategies Post Coronavirus	April 28
Bill Ackman – Farnam Podcast	April 29
Jim Chanos on Financial Fraud	May 3
Sam Zell – Bloomberg	May 5
David Tepper – CNBC	May 15
Stanley Druckenmiller – ECNY	May 15
Howard Marks – Bloomberg	May 18
Jerome Powell – 60 Minutes	May 18
Chris Bloomstran	May 20
Gavin Baker – CSIMA	May 20
Howard Marks – CFA	May 20
CFA Institute Virtual Conference	May 25
Jorge Paulo Lemann	May 26

2019 Hedge Fund Letters

Q4 2019 Hedge Fund Letters

Investment Firm	Date Posted
Earnest Capital Memo	January 4
JPM Guide to the Markets	January 4
Morgan Stanley 2020 Outlook	January 6
Woodlock House	January 7
Vltava Fund	January 7
2Point2 Capital	January 8
East72 Capital	January 8
WCM Global Growth	January 8
Akre Focus Fund	January 10
MPE Capital	January 10
Datt Capital	January 10
DMX Capital	January 11
EGP Capital	January 11
Edgebrook Capital	January 12
Sandon Capital	January 12
Greenwood Investors	January 13
Howard Marks Memo	January 13
Lindsell Train	January 13
RV Capital	January 13
Vilas Fund	January 13
Wedgewood Partners	January 13
Andaz Private	January 15
Saber Capital	January 15
Sumzero 2020	January 15
Upslope Capital – Focus Financial Short Thesis	January 15
Blackrock	January 16
Cooper Investors	January 16
L1 Capital	January 16
MOI Global Best Ideas 2020	January 16
Prescience Point – Medallia Short Thesis	January 16
Research Affiliates	January 16
JPM Global Alternatives Outlook	January 17
Massif Capital	January 17
Spree Capital	January 17
TGV – Rubicon Fund	January 17
Bill Miller	January 20
Bill Nygren Commentary	January 20
Fundsmith	January 20
Salt Light Capital	January 20
KKR Global Macro Trends 2020	January 21
SageOne Investment Advisors	January 21
Donville Kent	January 22
Ensemble Fund	January 22
Greenlight Capital	January 22
Polen Capital Focus Growth	January 22
Apollo Asia Fund	January 23
HGC Management	January 23
Palm Harbour Capital	January 23
Silver Ring Value Partners	January 23
Silver Ring Value Partners – Owens-Illinois	January 23
White Crane Capital	January 23
Wolfhill Capital	January 23
Alluvial Capital	January 24
Artko Capital	January 24
David Herro	January 24
Ewing Morris	January 24
Ewing Morris – Dark Horse Fund	January 24
Greenwood Investors	January 24
Sequoia Fund	January 24
First Eagle Value Fund	January 25
Summers Value Partners	January 25
Long Cast Advisors	January 26
Mott Capital	January 26
TGV – Partners Fund	January 26
Artemis Capital	January 27
Whitebrook Capital	January 27
Arquitos Capital	January 28
Curreen Capital	January 28
Euclidean Technologies	January 28
Euler Hermes on Retail	January 28
Forager Funds	January 28
FPA Capital Fund	January 28
Maran Capital	January 28
Stanphyl Capital	January 28
Starboard Letter to GCP	January 28
Starvine Capital	January 28
Turtle Creek	January 28
Weitz Fund	January 28
Kerrisdale Capital – Principia Biopharma	January 29
RGA Investment Advisors	January 29
VGI Partners	January 29
Boyar’s Value	January 30
Crescat Capital	January 30
Gator Capital	January 30
Horizon Kinetics	January 30
Martin Capital Management	January 30
RLT Capital	January 30
Ben Evans – Tech in 2020	January 31
Fairholme Funds	January 31
Third Point Capital	January 31
1 Main Capital	February 3
Alphyn Capital	February 3
Lyrical Asset Management	February 3
Tweedy Browne	February 3
Absolute Return Partners	February 4
Argosy Investors	February 4
Credit Suisse 2020 Global Outlook	February 4
Goehring & Rozencwajg	February 4
Huffman Prairie	February 4
Perpetual Global Innovation	February 4
Alta Fox Capital	February 6
Bluetower Asset Management	February 6
Bumbershoot Holdings	February 6
Laughing Water Capital	February 6
Pershing Square Annual Presentation	February 6
Compound VC	February 7
FPA Crescent Fund	February 10
IP Capital	February 10
Starboard Letter to Ebay	February 10
TGV Truffle Fund	February 10
Tyro Capital	February 10
Admiral Capital	February 11
Horizon Capital – Asia Fund	February 11
Verdad Capital – Crisis Investing	February 11
Bonhoeffer Fund	February 13
GMO	February 14
Jeremy Grantham	February 14
Kerrisdale Capital – Short Thesis on Match Group/IAC	February 14
Aturna Capital	February 15
AVI Japan Opportunity Trust	February 15
Greenhaven Road Capital	February 15
Hayden Capital	February 15
TGV Intrinsic Fund	February 15
Coho Capital	February 18
Askeladden Capital	February 19
Broyhill Asset Management	February 19
Horos AM	February 19
Spruce Point Capital – Dropbox	February 19
Agman Capital	February 20
Berkshire Hathaway	February 23
Bilgari Holdings	February 23
Saga Partners	February 23
Semper Augustus	February 23

Q3 2019 Hedge Fund Letters

Investment Firm	Date Posted
Absolute Return Partners	October 7
BAM Investor Day Presentation	October 7
Collaborative Fund – Three Big Things	October 7
Elliot Management Letter to ATT	October 7
Elliot Mangement Presentation on Marathon Petroleum	October 7
FRMO Annual Report	October 7
JPM Guide to the Markets	October 7
Andaz Private Investments	October 9
Bill Nygren	October 9
Focused Compounding	October 9
Lindsell Train	October 9
Oakmark Fund	October 9
Venator Capital	October 9
Vltava Fund	October 9
Curreen Capital	October 11
East72	October 11
GMO	October 11
Sequoia Fund	October 11
Upslope Capital	October 11
Datt Capital	October 14
Lindsell Train Global Fund	October 14
Wedgewood Partners	October 14
Graham and Doddville – Issue 37	October 15
Artko Capital	October 17
Ensemble Fund	October 17
OSAM	October 17
Polen – Focus Growth	October 17
Polen – Global Growth	October 17
Polen – International Growth	October 17
White Crane Capital	October 17
Howard Marks Memo	October 18
Euclidean Technologies	October 19
DMX Capital	October 21
Forager Funds	October 21
Greenhaven Road	October 21
Saber Capital	October 21
Tollymore Partners	October 21
Arquitos Capital	October 22
Crescat Capital	October 22
Curreen Capital	October 22
Laughing Water Capital LP Meeting Transcript	October 22
Massif Capital	October 22
Silver Ring Value Partners	October 22
Vilas Fund	October 22
Bill Miller Income Strategy	October 27
Bill Miller Opportunity Equity	October 27
Bill Miller Deep Value	October 27
GQG Partners – Emerging Markets	October 30
GQG Partners – Global Equity	October 30
Alluvial Capital	October 30
Apollo Asia Fund	October 30
Blue Tower Asset Management	October 30
Ewing Morris	October 30
Gator Capital	October 30
Spree Capital	October 30
Third Point Capital	October 30
Whitebrook Capital	October 30
Alta Fox Capital	November 1
Askeladden Capital	November 1
Bluehawk Investment Management	November 1
FPA Crescent Fund	November 1
Greenlight Capital	November 1
Horizon Kinetics	November 1
Long Cast Advisors	November 1
RF Capital	November 1
Tao Value Fund	November 1
Tweedy Browne	November 1
Bonhoeffer Capital	November 4
Rangeley Capital	November 4
Goehring & Rozencwajg	November 6
Maran Capital	November 6
Saga Partners	November 6
Third Avenue	November 6
Absolute Return Partners – How to Invest in a Low Growth World Part II	November 7
Donville Kent	November 8
Greenwood Investors	November 17
Lightsail Capital	November 17
Oaktree – Deeper Dive into Structured Credit	November 17
Quartz Capital Letter to Sabana REIT	November 17
Desert Lion Capital	November 18
Hayden Capital	November 18
SRK Capital	November 21
Blue Orca – Kasen International Short	November 25
Greenhaven Road Partners Fund	November 25
Lindsell Train	November 25
Mittleman Brothers	November 25
Oasis Management – Sanken Electric Co	November 25
Rangeley Capital	November 27
First Eagle – Facing Your Fears	December 2
Heller House Capital	December 2
Absolute Return Partners	December 3
Ashmore Group – Africa’s Public Markets	December 3
Engine Capital – PDL Biopharma	December 3
Legion Partners – Bed, Bath & Beyond	December 3
Marathon Partners Letter – e.l.f Beauty	December 3
Conover Investment Advisory	December 6
Bireme Capital	December 10
DB Research – Imagine 2030	December 10
Greenwood Investors	December 10
Prescience Point Capital – Broadmark Realty	December 10
Citron Research – Peleton	December 11
Star Capital Research – The Presumed End of Value	December 11
Del Principe O’Brien	December 11

Q2 2019 Hedge Fund Letters

Investment Firm	Date Posted
KKR Midyear Macro Report	July 1
Oaktree Capital Insights – Real Estate Cycle	July 1
Third Point Capital Sony Letter	July 1
Third Point Capital Sony Presentation	July 1
Askeladden Capital	July 2
OSAM – The Earnings Mirage	July 2
Stanphyl Capital	July 2
Kerrisdale Capital – Tucows Short Thesis	July 3
PE Ratio – A Users Manual	July 3
Vltava Fund	July 4
Absolute Return Partners	July 9
Sequoia Fund Investor Day	July 9
Sequoia Fund	July 9
Merion Road	July 9
Tollymore Partners	July 10
Ewing Morris	July 12
MPE Capital	July 12
Spree Capital	July 12
Wedgewood Partners	July 14
Kerrisdale – CareDx Short Thesis	July 17
Longleaf Partners	July 17
Massif Capital	July 17
Oldfield Partners	July 17
Palm Valley	July 17
Silver Ring Partners	July 17
TGV Rubicon Fund	July 17
Upslope Capital	July 17
Verdad Capital	July 17
Bill Nygren Commentary	July 18
Euclidean Capital	July 18
Curreen Capital	July 20
IVA International Fund	July 20
IVA Worldwide Fund	July 20
Verdad Europe	July 20
Verdad Japan	July 20
Third Avenue Value Fund	July 22
Whitebrook Capital	July 22
Blue Tower Asset Management	July 23
East72	July 23
Horizon Kinetics	July 23
Miller Deep Value	July 23
Miller Income Fund	July 23
Miller Opportunity Equity	July 23
Saber Capital Management	July 23
Turtle Creek	July 23
First Eagle	July 24
TGV Partners Fund	July 24
TGV Truffle Fund	July 24
Third Avenue Real Estate	July 24
Third Avenue Small Cap	July 24
Bluehawk Investors	July 25
Crescat Capital	July 25
Greenlight Capital	July 25
Riverpark Large Growth Fund	July 25
Arquitos Capital	July 26
Bonhoeffer Fund	July 26
Choice Equities	July 26
Maran Capital	July 26
Alta Fox Capital	July 30
Laughing Water Capital	July 30
Summers Value Partners	July 30
Third Point Capital	July 30
Tweedy Browne	July 30
Apollo Asia Fund	August 1
Artko Capital	August 1
FPA Capital Fund	August 1
FPA Crescent Fund	August 1
Gator Capital	August 1
O’Shaughnessy – Mispriced Innovation	August 1
RLT Capital	August 1
Third Avenue Value Fund	August 1
Boyar’s Research	August 2
Fairholme Funds	August 2
VGI Partners	August 2
Greenhaven Road Capital	August 7
Mittleman Brothers	August 7
Muddy Waters – Burford Capital Short	August 7
TGV Partners Intrinsic Fund	August 7
IAC	August 8
Long Cast Advisors	August 8
Oaktree Insights – Global Credit Investing	August 8
Pzena	August 8
Tao Value	August 8
Lightsail Capital	August 11
RV Capital	August 11
Elliot Advisors on Scout24	August 12
Goehring & Rozencwajg	August 12
Saga Partners	August 12
Coho Capital	August 14
GE Short Report	August 20
Greenwood Investors	August 20
Pershing Square Capital	August 20

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