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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 August 3rd, 2022

2022 Hedge Fund Letters

Q2 2022 Hedge Fund Letters
Investment FirmDate Posted
OaktreeJuly 1
Octahedron CapitalJuly 6
Rowan CapitalJuly 6
Vlata FundJuly 6
Bill Nygren CommentaryJuly 9
CoatueJuly 9
FundsmithJuly 9
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JPM Guide to the MarketsJuly 9
Miller Value PartnersJuly 9
Packer & CoJuly 11
Bonitas – Gogoro IncJuly 13
Crescat CapitalJuly 13
Muddy Waters – HASIJuly 13
Stewart Asset ManagementJuly 13
Bill Ackman – InflationJuly 14
NZS CapitalJuly 14
Boyar ValueJuly 17
Wedgewood PartnersJuly 17
Pantera CapitalJuly 19
Worm CapitalJuly 19
Alluvial CapitalJuly 20
Artisan PartnersJuly 20
Brasada CapitalJuly 20
East72July 20
Ensemble CapitalJuly 20
Giverny Asset ManagementJuly 20
Miller ValueJuly 20
Nordstern CapitalJuly 20
Whitebrook CapitalJuly 20
CrossingbridgeJuly 21
Upslope CapitalJuly 21
Altafox CapitalJuly 24
Horizon KineticsJuly 24
Miller Deep ValueJuly 24
Miller Income FundJuly 24
Laughing Water CapitalJuly 24
Legacy Ridge CapitalJuly 24
Right Tail CapitalJuly 24
Rowan Street CapitalJuly 24
Ruffer Investment CompanyJuly 25
PzenaJuly 27
Soundshore FundJuly 27
Bronte CapitalJuly 28
Glasshouse Research – Mercury SystemsJuly 28
Howard Marks Memo – I Beg to DifferJuly 28
LVS AdvisoryJuly 28
Maran CapitalJuly 28
O’Keefe AdvisoryJuly 28
TourliteJuly 28
1Main CapitalAugust 1
Alphyn CapitalAugust 1
Donville KentAugust 1
Farnam StreetAugust 1
First Eagle FundsAugust 1
FPA Crescent FundAugust 1
Greystone ValueAugust 1
Massif CapitalAugust 1
Q1 2022 Hedge Fund Letters
Investment FirmDate posted
Michael Mauboussin – Intangibles & EarningsApril 13
Octahedron CapitalApril 13
Zoltan Pozsar – Money, Commodities & Bretton Woods IIIApril 13
Vltava FundApril 14
WeitzApril 14
Wedgewood PartnersApril 17
Worm CapitalApril 17
Crossingbridge FundsApril 19
Farnam StreetApril 19
Laughing Water CapitalApril 19
Merion RoadApril 19
Newfound ResearchApril 19
O’Keefe StevensApril 19
Platinum TrustApril 19
Rowan StreetApril 19
White Brook CapitalApril 19
East72April 20
Ensemble FundApril 20
Greenlight CapitalApril 20
Kerrisdal – DWACApril 21
Pershing Square – NetflixApril 21
PzenaApril 21
Third Avenue Value FundApril 21
AikyaApril 25
Bireme CapitalApril 25
Bronte CapitalApril 25
Claret Asset ManagementApril 25
Greenhaven RoadApril 25
HoisingtonApril 25
KovitzApril 25
SoundshoreApril 25
Tweedy BrowneApril 25
Alluvial CapitalApril 27
Curreen CapitalApril 27
Donville KentApril 27
Farrar WealthApril 27
Maran CapitalApril 27
Snead CapitalApril 27
WindAcre Partnership – NielsenApril 27
Alphyn CapitalApril 28
NZS CapitalApril 28
Giverny CapitalApril 28
Blue Tower Asset ManagementApril 30
Distillate CapitalApril 30
Headwaters CapitalApril 30
LRT CapitalApril 30
Old West CapitalApril 30
Upslope CapitalApril 30
CAS Investment PartnersMay 2
Culper Research – VERUMay 2
Greystone CapitalMay 2
Praetorian CapitalMay 2
Alta Fox CapitalMay 3
Elliot Management – Western DigitalMay 4
Massif CapitalMay 4
Zoltan Poszar – Commodity Chokepoints & QTMay 5
Bridgewater CapitalMay 6
Goldman Sachs SustainabilityMay 6
Graham & DoddsvilleMay 6
Hindenburg Research – Singularity Future TechnologyMay 6
Horizon Kinetics – RoundtableMay 6
Steel City CapitalMay 6
Wedgewood Partners – Focused SMIDMay 6
Turtle CreekMay 8
Mittleman BrothersMay 9
Silvering PartnersMay 9
Third Point CapitalMay 9
Goldman Sachs – Top of the MindMay 16
Richie CapitalMay 16
Saint James Investment CompanyMay 16
Vulcan Value PartnersMay 16
1Main CapitalMay 17
Cedar Creek PartnersMay 17
Longcast AdvisorsMay 17
Miller Income StrategyMay 17
Miller Opportunity EquityMay 17
Miller Value StrategyMay 17
Saga PartnersMay 17
Spruce Point Capital – AMRMay 17
Bonsai PartnersMay 18
RF CapitalMay 18
GMOMay 23
Goehring & RozencwajgMay 23
Hayden CapitalMay 23
Lux CapitalMay 23
Nordstern CapitalMay 23
Voss CapitalMay 26
Howard Marks Memo – Bull Market RhymesJune 1
Sequoia Capital Memo – Adapting to EndureJune 1
Calderwood CapitalJune 6
Goldman Sachs – Green MetalsJune 6
Horizon KineticsJune 6
Rhizome PartnersJune 6
Wolfpack Research – ZoomInfoJune 6
Goldman Sachs – Global ViewsJune 8
Hindenburg Research – EbixJune 8
Bonhoeffer CapitalJune 22
Culper Research – PLLJune 22

2021 Hedge Fund Letters

Q4 2021 Hedge Fund Letters
Investment FirmDate Posted
Bill NygrenJanuary 12
Clark Street ValueJanuary 12
FundsmithJanuary 12
MessariJanuary 12
Newfound ResearchJanuary 12
Akre Focus FundJanuary 13
Palm Valley CapitalJanuary 13
The BlockJanuary 13
Vltava FundJanuary 13
Worm CapitalJanuary 13
Aikya Emerging MarketsJanuary 16
Curreen CapitalJanuary 16
Howard Marks MemoJanuary 16
RufferJanuary 16
Stewart Asset ManagementJanuary 16
Wedgewood PartnersJanuary 16
Bronte CapitalJanuary 17
East72January 17
REQ CapitalJanuary 17
TGV Partners FundJanuary 17
Claret Asset ManagementJanuary 18
PzenaJanuary 18
Tollymore PartnersJanuary 18
Ensemble CapitalJanuary 20
Longleaf Small CapJanuary 20
Third Avenue Value FundJanuary 20
Whitebrook CapitalJanuary 20
Alluvial CapitalJanuary 21
Massif CapitalJanuary 25
Rowan StreetJanuary 25
Arch Capital – Sprouts Farmers MarketsJanuary 26
Fundsmith – Unilever + GSKJanuary 26
Giverny CapitalJanuary 26
Horizon KineticsJanuary 26
O’KeefeJanuary 26
TGV Rubicon FundJanuary 26
TGV Truffle FundJanuary 26
WeitzJanuary 26
Pershing Square – NetflixJanuary 30
TidefallJanuary 30
Arch CapitalJanuary 31
Farnam Street InvestmentsJanuary 31
Greenhaven RoadJanuary 31
Greenlight CapitalJanuary 31
Hirschmann CapitalJanuary 31
Maran PartnersJanuary 31
Miller Value – Deep ValueJanuary 31
Miller Value – IncomeJanuary 31
Miller Value – OpportunityJanuary 31
Prescience Point – Groupon UpdateJanuary 31
VGI PartnersJanuary 31
Alphyn CapitalFebruary 1
FPA Crescent FundFebruary 1
Safehouse Capital – CrocsFebruary 1
Bonitas Research – Short Report on MP MaterialsFebruary 3
Boyar ValueFebruary 3
Palm CapitalFebruary 3
BaupostFebruary 6
Donville KentFebruary 7
GreystoneFebruary 7
MPE CapitalFebruary 7
Overseas – Asia Recovery FundFebruary 7
Packer & CoFebruary 7
Saga PartnersFebruary 7
Steele CityFebruary 7
Blackwell Capital – PelotonFebruary 10
Euclidean TechnologiesFebruary 10
SRK CapitalFebruary 10
Desert LionFebruary 13
Mittleman BrothersFebruary 13
Salt Light CapitalFebruary 13
Arquitos CapitalFebruary 14
Silver Ring PartnersFebruary 14
Ewing MorrisFebruary 16
Hayden CapitalFebruary 16
Laughing Water CapitalFebruary 16
BroyhillFebruary 17
Bumbershoot HoldingsFebruary 17
Pershing Square Annual PresentationFebruary 17
Third Point CapitalFebruary 17
Alta Fox – Hasbro PresentationFebruary 18
GMOFebruary 18
Spruce Point – C3aiFebruary 28
Tao ValueFebruary 28
Berkshire HathawayMarch 1
BilgariMarch 1
Bonsai PartnersMarch 1
Goldman Sachs – Russia RiskMarch 1
Legacy Ridge CapitalMarch 1
MarkelMarch 1
Rhizome PartnersMarch 1
Goehring & RozencwajgMarch 2
FPA Small CapMarch 2
RLT CapitalMarch 2
Semper AugustusMarch 2
Shadow RidgeMarch 2
Donville KentMarch 11
Gator CapitalMarch 11
BonhoefferMarch 14
Ruffer ReviewMarch 14
Lindsell TrainMarch 16
Greenwood InvestorsMarch 17
JPMorgan – Metaverse OpportunitiesMarch 22
Massif Capital – Real AssetsMarch 22
Lindsell TrainMarch 23
Goldman Sachs – Web 3March 24
Howard Marks MemoMarch 24
Goldman Sachs – Stagflation RiskMarch 26
JCap Research – Short Thesis on FirefinchMarch 30
Absolute Return PartnersApril 5
Zoltan Posar – Money, Commodities & Bretton WoodsApril 5
Jamie DimonApril 7
Hindenburg Research – Mullen AutomotiveApril 7
Spruce Point Capital – StrykerApril 7
SymmetryApril 7
Crossroads CapitalApril 11
Sohra PeakApril 11
Q3 2021 Hedge Fund Letters
Investment FirmDate Posted
JPM Guide to the MarketsOctober 4
Blackbear ValueOctober 12
Bonitas Research – TMCOctober 12
Grizzly Reports – Peak Fintech GroupOctober 12
Kerrisdale Capital – Camber EnergyOctober 12
Massif CapitalOctober 12
Michael Mauboussin – Categorizing for ClarityOctober 12
Newfound ResearchOctober 12
ValueXVail PresentationsOctober 12
Vltava FundOctober 12
AikyaOctober 20
An Introduction to CLOsOctober 20
Bill MillerOctober 20
Bill NygrenOctober 20
DMZ PartnersOctober 20
Ensemble CapitalOctober 20
Euclidean TechnologiesOctober 20
HoisingtonOctober 20
JPM Eye on the MarketOctober 20
NZS CapitalOctober 20
Rowan StreetOctober 20
Summers Value PartnersOctober 20
Tidefall CapitalOctober 20
Upslope CapitalOctober 20
Wedgewood PartnersOctober 20
Greenlight CapitalOctober 21
Whitebrook CapitalOctober 21
Alphyn CapitalOctober 25
Bonitas Research – ESS TechOctober 25
Bronte CapitalOctober 25
Crescat CapitalOctober 25
Desert Lion CapitalOctober 25
Distillate CapitalOctober 25
Giverny CapitalOctober 25
Horizon KineticsOctober 25
Myrmikan CapitalOctober 25
Polen Focus GrowthOctober 25
Silver Ring PartnersOctober 25
Steel City CapitalOctober 25
Tao ValueOctober 27
Claret Asset ManagementOctober 28
Third Point CapitalOctober 28
Alta Fox CapitalNovember 2
Bireme CapitalNovember 2
Donville KentNovember 2
First Eagle ManagementNovember 2
Goldman Sachs – Top of the MindNovember 2
Greenhaven Road CapitalNovember 2
JCapital Research – Vulcan ResourcesNovember 2
Maran PartnersNovember 2
Moody’s – Canadian HousingNovember 2
Spruce Point Capital – HeskaNovember 2
Third Avenue Value FundNovember 2
Tollymore PartnersNovember 2
Viceroy – Stone and PagSeguroNovember 2
1Main CapitalNovember 13
Alluvial CapitalNovember 13
Angel ListNovember 13
Blue TowerNovember 13
Elevation Capital – Avid TechnologyNovember 13
Goldman SachsNovember 13
InvescoNovember 13
Nordstern CapitalNovember 13
Raging CapitalNovember 13
RGANovember 13
Absolute Return PartnersNovember 15
Hayden CapitalNovember 15
Arquitos CapitalNovember 17
Polen Capital – E-ComemrceNovember 17
Prescience Point – AersaleNovember 17
BofA – Digital Assets PrimerNovember 23
Jefferies – Metaverse PrimerNovember 23
Lux CapitalNovember 23
McKinsey – The Rise of the Global Balance SheetNovember 23
Myrmikan ResearchNovember 23
Bonsai PartnersNovember 24
Greenwood InvestorsNovember 24
Howard Marks MemoNovember 24
Rhizome PartnersNovember 24
Arisaig PartnersNovember 30
Hosking PartnersNovember 30
Goldman Sachs – InflationNovember 30
Bonhoeffer CapitalDecember 1
Goldman Sachs – Global MacroDecember 2
Goldman Sachs – Investing in EM WomenomicsDecember 2
Ewing Morris – TranscriptDecember 3
Goldman Sachs – EuropeDecember 7
Goldman Sachs – Indian EquitiesDecember 7
Hindenburg Research – TecnoglassDecember 7
LRT CapitalDecember 7
Spruce Point CapitalDecember 7
Greenhaven Partners FundDecember 13
eConomy – South East AsiaDecember 15
GMODecember 15
Bonitas Research – Short Thesis on AgrifyDecember 16
Kerrisdale – Short Thesis on Meta MetarialsDecember 16
Muddy Waters – Short Thesis on KE HoldingsDecember 16
Goldman Sachs – Investing in Climate ChangeDecember 28
Prescience Point – Long Thesis on GrouponDecember 28
Vltava FundDecember 28
Gator CapitalDecember 29
Kerrisdale Capital – HubspotDecember 29
Kerrisdale Capital – Short Thesis on Astra SpaceDecember 30
Saber Capital on Buffett and BelichickJanuary 2
Ethos Investment ManagementJanuary 3
Goldman Sachs – Investing in ChinaJanuary 10
Turtle Creek Asset ManagementJanuary 11
Q2 2021 Hedge Fund Letters
Investment FirmDate Posted
1Main CapitalJuly 25
AdestellaSeptember 13
AkiyaAugust 10
Alger Mid Cap Focus FundJuly 17
Alger Small Cap Focus FundJuly 17
Alger Spectra FundJuly 17
Alger Weatherbie Specialized Growth FundJuly 17
Alphyn CapitalJuly 19
Alphyn Capital ManagementJuly 14
Alta Fox Capital – IDT CorpJuly 5
Altafox CapitalAugust 4
AndazJuly 5
Andaz Private InvestmentsAugust 28
Andvari AssociatesJuly 17
Appleseed FundAugust 28
Argosy InvestorsAugust 3
Ariel Trust FundsAugust 28
ArisaigAugust 4
Arisaig – Navigating ESG in ChinaJuly 5
Arisaig PartnersJuly 20
Arquitos CapitalAugust 28
Artisan Global Discovery FundAugust 23
Artisan Value FundAugust 23
Artko CapitalAugust 23
AshmoreJuly 5
Asia Frontier FundJuly 21
Baillie GiffordJuly 29
Baron Health Care FundJuly 18
Baron Real Estate FundJuly 18
Bernzott Capital AdvisorsJuly 20
Bill MillerJuly 12
Black Bear Value PartnersJuly 19
Blue Tower Asset ManagementJuly 20
BonhoefferAugust 30
Bronte CapitalJuly 27
BroyhillAugust 23
Cantor FitzgeraldAugust 10
Cedar Creek PartnersJuly 25
Choice Equities FundAugust 23
Citron Research – Long Thesis on Digital OceanAugust 3
Comus InvestmentsJuly 14
Cooper Investors Global Equity Fund (Hedged)July 17
Cooper Investors Global Equity Fund (Unhedged)July 17
Crescat CapitalJuly 5
Crestcat CapitalAugust 10
Culper Research – AemetisAugust 4
Curreen CapitalJuly 21
Desert LionAugust 24
Distillate CapitalJuly 17
Donville Kent – Escape Velocity in Canadian TechAugust 4
East72July 12
Edelweiss JournalJuly 13
Edgewood ManagementJuly 25
Elliot Letter to GSKJuly 5
Ensemble FundJuly 21
Evermore Global Value FundAugust 28
FMI All Cap EquityJuly 14
FMI International EquityJuly 14
FMI Large Cap EquityJuly 14
FMI Small Cap EquityJuly 14
FPA Crescent FundJuly 29
Fundsmith Equity FundAugust 28
Gator CapitalAugust 24
Goehring & RozencwajgAugust 23
Goldman Sachs – BidenomicsJuly 12
GoodHaven FundAugust 28
Greenhaven Road CapitalAugust 28
Greenhaven Road Partners FundSeptember 2
Greenlea LaneJuly 13
Greenlight CapitalJuly 27
Greystone CapitalJuly 25
Grizzly Reports – TSP Short ThesisAugust 13
Guardian FundsJuly 19
Harding Loevner Emerging Markets EquityAugust 28
Harding Loevner Global EquityAugust 28
Harding Loevner Global Small CompaniesAugust 28
Harding Loevner International EquityAugust 28
Harding Loevner International Small Companies EquityAugust 28
Hayden CapitalAugust 28
Headwaters CapitalJuly 14
Heartland Mid Cap Value FundJuly 18
Heartland Value FundJuly 18
Heartland Value Plus FundJuly 18
Hindenburg Research – DraftKings Short ThesisJune 22
Hoisington Investment ManagementJuly 20
Horizon KineticsJuly 25
Horos FundsAugust 10
Hosking PartnersAugust 23
Howard Marks Memo – Thinking About MacroAugust 4
JCap Research – Chromadex Short ThesisJuly 5
JDP CapitalJuly 21
Jehoshaphat – Short Thesis on AdaptHealthJuly 27
JPM Guide to the MarketsJuly 5
Kerrisdale Capital – Long Thesis on Acutus MedicalJuly 27
Kerrisdale Capital – Long Thesis on Maxar TechnologiesAugust 4
Kerrisdale Capital – Virgin Galactic Short ThesisJune 22
L1 International Capital FundJuly 20
Lakehouse CapitalJuly 26
Laughing Water CapitalJuly 25
Lazard on Emerging MarketsJuly 13
Longleaf Partners FundJuly 15
Longleaf Partners Global FundJuly 15
Longleaf Partners International FundJuly 15
Longleaf Partners Small-Cap FundJuly 15
LongriverJuly 12
LRT CapitalAugust 23
Luca CapitalAugust 11
Madison Dividend Income FundJuly 20
Madison Investors FundJuly 20
Madison Mid Cap FundJuly 20
Madison Small Cap FundJuly 20
Maran CapitalJuly 25
Massif CapitalJuly 18
Merion Road CapitalJuly 20
Miller Income StrategyAugust 11
Miller Opportunity EquityAugust 11
Miller/Howard InvestmentsJuly 18
MPE CapitalJuly 17
Muddy WatersAugust 23
Nelson CapitalJuly 18
Newfound FundsJuly 12
Nordstern CapitalJuly 19
NZS CapitalJuly 12
Octahedron PartnersSeptember 13
Old West Capital ManagementJuly 17
Packer & CoJuly 12
Palm CapitalAugust 28
Palm Valley Capital FundJuly 15
Perpetual Global InnovationAugust 3
Pershing Square – UMG/PSTH Transaction OverviewJune 22
Peterson FundJuly 20
PzenaJuly 21
Pzena Investment ManagementAugust 10
QualivianSeptember 13
RF PartnersSeptember 13
RGA AdvisorsAugust 13
RGA Investment AdvisorsAugust 10
Rhizome PartnersAugust 28
Richie Capital GroupJuly 17
RiverPark Large GrowthJuly 17
RiverPark Long/Short Opportunity FundJuly 17
RiverPark/Wedgewood FundAugust 28
Ron BaronJuly 24
Rondure GlobalAugust 28
Rowan StreetAugust 3
Ruane, Cunniff & GoldfarbJuly 19
RV Capital 1H 2021August 30
Saga PartnersAugust 23
Saltlight Capital August 2
Semper Vic PartnersSeptember 12
Silver Ring PartnersJuly 21
Smead Value FundJuly 17
Spree CapitalAugust 23
Spruce Point – Oatly GroupJuly 20
SRK CapitalAugust 13
St. James Investment Company July 14
Summers Value PartnersJuly 29
Symphony International HoldingsAugust 23
Tao ValueAugust 10
TCI – Canadian National RailwaySeptember 13
TGV Falkstein FundJuly 19
TGV Intrinsic FundSeptember 12
TGV Partners FundJuly 19
TGV Rubicon FundJuly 19
Third Avenue International Real EstateJuly 21
Third Avenue International Real Estate Value FundJuly 17
Third Avenue Real EstateJuly 21
Third Avenue Real Estate Value FundJuly 17
Third Avenue Small CapJuly 21
Third Avenue Small-Cap Value FundJuly 17
Third Avenue Value FundJuly 17
Third PointAugust 10
Third Point CapitalAugust 10
Tidefall CapitalJuly 20
Tweedy BrowneAugust 10
Upslope CapitalJuly 20
Upslope Capital ManagementAugust 10
Viceroy Research – Recon AfricaJuly 5
Vltava FundJuly 14
Vulcan ValueAugust 10
Wedgewood PartnersJuly 14
WertArt CapitalAugust 28
Whitebrook CapitalJuly 20
Wolfpack Research – SGOC Short ThesisAugust 23
Wolfpack Research – Short Thesis on MOXCJuly 29
Worm CapitalJuly 17

Q1 2021 Hedge Fund Letters
Investment FirmDate Posted
1 Main Capital PartnersApril 20
1Main CapitalApril 26
a16z Marketplace 100April 15
Absolute Return PartnersMay 6
AikyaMay 6
Aikya FundsApril 27
Akre CapitalApril 28
Akre Focus FundApril 17
Alger Mid Cap Focus FundApril 11
Alger Small Cap Focus FundApril 12
Alger Spectra FundApril 12
Alger Weatherbie Specialized Growth FundApril 14
Alluvial CapitalMay 3
Alluvial Capital ManagementApril 27
Alphyn CapitalApril 15
Alphyn Capital ManagementApril 8
Alta Fox CapitalMay 3
Alta Fox Capital ManagementApril 27
AndazMay 7
Andaz Private InvestmentsApril 27
Andvari AssociatesApril 15
Appleseed FundMay 3
ArgosyApril 15
Argosy InvestorsApril 8
Ariel Trust FundsMay 6
Arisaig PartnersApril 17
ArquitosApril 22
Artisan Global Discovery FundMay 6
Artisan International Value FundApril 22
Artisan Mid Cap FundApril 16
Artisan Small Cap FundApril 22
Artisan Value FundMay 6
Artko CapitalMay 6
Baron Asset FundApril 15
Baron Discovery FundApril 15
Baron FinTech FundApril 22
Baron Growth FundApril 18
Baron Health Care FundApril 15
Baron Opportunity FundApril 15
Baron Partners FundApril 18
Baron Real Estate FundApril 18
Baron Small Cap FundApril 22
Bernzott Capital AdvisorsApril 16
Bill Miller CommentaryApril 15
Bill Nygren CommentaryApril 15
Blue Hawk Investment GroupApril 28
Blue Tower Asset ManagementMay 6
Bonhoeffer CapitalMay 7
Bonhoeffer Capital ManagementMay 3
Bonsai PartnersMay 7
Bronte CapitalApril 14
Canterbury TollgateMay 1
Carillon Eagle Mid Cap Growth FundApril 16
Carillon Eagle Small Cap Growth FundApril 16
Cedar Creek PartnersApril 27
Choice Equities FundMay 6
Citron – JMIAMay 7
Claret Asset ManagementApril 26
Comus InvestmentApril 15
Cooper Investors Global Equity Fund (Hedged)April 15
Cooper Investors Global Equity Fund (Unhedged)April 15
Crescat CapitalMay 19
Crestcat CapitalMay 3
Curreen CapitalApril 26
Del PrincipeApril 15
Del Principe O’Brien Financial AdvisorsApril 5
Desert LionApril 26
Diamond Hill Small Cap FundApril 27
Distillate CapitalApril 16
Donville Kent Asset ManagementApril 27
East72April 15
East72 HoldingsApril 5
Eclidean Technologies – Systematic Investing and Deep LearningMay 3
Ensemble FundApril 1
Epoch Investment PartnersApril 27
Euclidean TechnologiesMay 19
First EagleApril 22
First Eagle Global ValueApril 25
FMI All Cap EquityApril 14
FMI International EquityApril 14
FMI Large Cap EquityApril 14
FMI Small Cap EquityApril 14
FPA Crescent FundApril 27
Gator CapitalMay 7
Giverny CapitalApril 21
Giverny Capital Asset ManagementApril 18
Global Money DispatchApril 14
Goehring & RozencwajgMay 3
Graham & DoddsvilleMay 6
Greenhaven Road CapitalMay 3
Greenlight CapitalApril 21
Greenwood Investors – The Psychology of Value CreationMay 3
Greystone CapitalApril 26
Greystone Capital ManagementApril 20
Harding Loevner Emerging Markets EquityApril 16
Harding Loevner Global EquityApril 16
Harding Loevner Global Small CompaniesApril 28
Harding Loevner International EquityApril 16
Harding Loevner International Small Companies EquityMay 2
Hayden CapitalMay 19
Headwaters CapitalApril 15
Heartland Mid Cap Value FundApril 18
Heartland Value FundApril 20
Heartland Value Plus FundApril 20
Hoisington Investment ManagementApril 15
Horizon KineticsApril 27
Horos FundsApril 22
Hosking PartnersMay 12
JPM Guide to the MarketsApril 14
Kinsman Oak Equity FundApril 20
L1 Capital Long Short FundApril 25
L1 International Capital FundApril 16
Laughing Water CapitalApril 26
Lemelson CapitalApril 15
Longleaf Partners FundApril 15
Longleaf Partners Global FundApril 15
Longleaf Partners International FundApril 15
Longleaf Partners Small-Cap FundApril 15
LRT CapitalMay 6
Madison Dividend Income FundApril 15
Madison Investors FundApril 15
Madison Small Cap FundApril 15
Maran CapitalMay 3
Maran Capital ManagementApril 27
Massif CapitalMay 3
Merion RoadApril 15
Merion Road CapitalApril 7
Miller Income StrategyApril 28
Miller Opportunity EquityApril 28
Miller ValueApril 1
Miller/Howard InvestmentsApril 16
Mittleman Brother(s)April 15
Muddy Waters – LemonadeMay 19
Myrmikan ResearchMay 3
Nelson CapitalApril 16
NZS CapitalApril 15
Oakmark FundApril 8
Oakmark Global FundApril 8
Oakmark Global Select FundApril 8
Oakmark Select FundApril 8
Oaktree Insights – Performing CreditMay 13
Old West Capital ManagementApril 15
Oldfield PartnersMay 19
Palm CapitalApril 22
Palm Harbour CapitalMay 6
Palm Valley CapitalMay 3
Palm Valley Capital FundApril 6
Peterson Investment FundApril 15
Polen Capital – Focus GrowthApril 20
Polen Capital – Global GrowthApril 20
Polen Capital – International GrowthApril 20
Polen Capital – International Small Company GrowthApril 27
Polen Capital – U.S. Small Company GrowthApril 27
Polen U.S. SMID Company GrowthApril 27
Prescience Point Capital – MDXGApril 15
PzenaMay 6
Pzena Investment ManagementMay 3
RGA Investment AdvisersApril 22
RGA Investment AdvisorsApril 27
Rhizome PartnersApril 29
Richie Capital GroupApril 9
Ritchie Capital GroupMay 19
RiverPark Growth FundApril 15
RiverPark Large GrowthApril 14
RiverPark Long/Short Opportunity FundApril 14
Ruffer ReviewApril 26
Salt Light CapitalMay 3
Saturna CapitalMay 4
Saturna Capital – Amana FundsMay 6
Saturna Capital – Sextant FundsMay 6
Selcouth CapitalMay 6
Silver Ring Value PartnersMay 15
Smead Value FundApril 16
Spree CapitalApril 16
St. James Investment CompanyApril 14
Steel City CapitalApril 23
Stewart Asset ManagementMay 3
Summers Value FundApril 15
Tao ValueApril 21
The Problems with Cooper SupplyApril 30
Third Avenue FundsMay 12
Third Avenue International Real Estate Value FundApril 17
Third Avenue Real Estate Value FundApril 17
Third Avenue Small-Cap Value FundApril 18
Third Avenue Value FundApril 18
Third PointMay 2
Third Point CapitalApril 22
Tidefall Capital ManagementApril 18
Tweedy BrowneMay 10
Upslope CapitalMay 6
Upslope Capital ManagementApril 14
Vltava FundApril 21
Vulcan Value PartnersApril 25
Wasatch Core Growth FundApril 17
Wasatch Micro Cap FundApril 17
Wasatch Micro Cap Value FundApril 17
Wasatch Small Cap Growth FundApril 17
Wasatch Small Cap Value FundApril 17
Wasatch Ultra Growth FundApril 17
Wedgewood PartnersApril 15
Weitz Hickory FundApril 25
Weitz Partners III Opportunity FundApril 25
Weitz Partners Value FundApril 25
Weitz Value FundApril 25
Whitebrook CapitalApril 14
Worm CapitalApril 27

2020 Hedge Fund Letters

Q4 2020 Hedge Fund Letters
Investment FirmDate Posted
1 Main CapitalFebruary 1
Admiral CapitalJanuary 18
Aikya FundsJanuary 17
Alger Mid Cap FocusDecember 31
Alger Small Cap FocusDecember 31
Alger Spectra FundsDecember 31
Alger WeatherbieDecember 31
Alluvial CapitalFebruary 4
Alluvial Capital ManagementFebruary 2
Alphyn CapitalJanuary 25
Altafox CapitalJanuary 29
Anabatic Investment PartnersJanuary 26
AndazFebruary 1
Andaz December 31
AndvariFebruary 5
Andvari Associates December 31
AQR January 15
Argosy PartnersJanuary 13
ArisaigJanuary 7
Ark Invest – Big Ideas 2021February 4
Arquitos CapitalJanuary 26
Artisan InternationalJanuary 7
Artisan Mid CapJanuary 7
Artisan Small CapJanuary 25
Artko CapitalFebruary 4
Avenir CapitalFebruary 5
Avory & CoJanuary 21
Baron Asset FundDecember 31
Baron Discovery FundDecember 31
Baron Fintech FundJanuary 25
Baron Growth FundJanuary 25
Baron Health Care FundDecember 31
Baron Real Estate FundDecember 31
Bernzott CapitalJanuary 21
Bill MillerJanuary 12
Bill Nygren CommentaryJanuary 17
Blackstone 10 SurprisesJanuary 17
Blue Tower Asset ManagementJanuary 27
Bluehawk AdvisorsFebruary 5
Bond Covenants, Bankruptcy Risk & Cost of DebtJanuary 12
Bonsai PartnersFebruary 4
Bronte CapitalJanuary 17
Canterbury TollgateJanuary 25
Carillon Eagle Mid Cap Growth FundJanuary 21
Carillon Eagle Small Cap Growth FundJanuary 25
Cedar Creek PartnersFebruary 6
Citron Research – STEMJanuary 21
Cliff AsnessJanuary 19
Comus Investment December 31
Concentrated Compounding*January 5
Cooper InvestmentsJanuary 25
Cooper Investors Global Equities (Hedged)December 31
Cooper Investors Global Equities (Unhedged)December 31
Crescat CapitalFebruary 1
Crestcat CapitalJanuary 30
Culper Research – CleanSpark Short ThesisJanuary 14
Curreen CapitalJanuary 14
Davis Financial Fund.January 30
Davis Global FundJanuary 30
Davis International FundJanuary 30
Davis New York Venture FundJanuary 30
Davis Opportunity FundJanuary 30
Diamond Hill Small Cap FundFebruary 2
Distillate CapitalJanuary 21
Donville KentJanuary 21
Edgebrook PartnersJanuary 29
Egerton CapitalDecember 31
Emeth Value CapitalJanuary 25
Ensemble CapitalJanuary 29
Epoch Investment PartnersJanuary 26
Fairholme FundsFebruary 4
FAM FundsJanuary 26
Farview Capital – CDON PresentationJanuary 25
Fiduciary Management All Cap EquityDecember 31
Fiduciary Management International EquityDecember 31
Fiduciary Management Large Cap EquityDecember 31
Fiduciary Management Small Cap EquityDecember 31
First Eagle Global ValueJanuary 22
First Eagle ManagementFebruary 4
Forager FundsJanuary 19
FPA Crescent FundFebruary 4
Fundsmith LLPJanuary 19
Giverny CapitalJanuary 22
Greenhaven Road CapitalFebruary 1
Greenlight CapitalJanuary 22
Greystone ValueJanuary 17
Grizzly Research – DOYU Short ThesisJanuary 21
Harding Loevner Global EquityJanuary 30
Harding Loevner Global EquityJanuary 30
Harding Loevner Global Small CompaniesJanuary 30
Harding Loevner International EquityJanuary 30
Harding Loevner International EquityJanuary 30
Harding Loevner International Small Companies EquityJanuary 30
Harding Loevner International Small Companies EquityJanuary 30
Hayden CaptialJanuary 21
Headwaters CapitalJanuary 13
Heartland Mid CapDecember 31
Heartland Value FundDecember 31
Heartland Value Plus FundDecember 31
Hirschmann CapitalJanuary 18
Hoisington FundsJanuary 17
Horizon KineticsJanuary 29
Horos CapitalFebruary 5
Hosking PartnersJanuary 19
Howard Marks Memo – Something of ValueJanuary 12
JCapital Research – Bit Digital Short ThesisJanuary 14
JDP CapitalJanuary 26
Jeremy Grantham – Waiting for the Last DanceJanuary 12
JPM Global Alternatives OutlookJanuary 26
JPMorgan Guide to the MarketsJanuary 12
Junto InvestmentsJanuary 25
Kerrisdale Capital – PLUG Short ThesisJanuary 25
Kinsman OakFebruary 5
L1 Capital InternationalDecember 31
Laughing Water CapitalJanuary 25
Lindsell TrainJanuary 19
Logica CapitalFebruary 5
Longcast AdvisorsFebruary 5
Longleaf Partners January 15
Longleaf Partners Global FundJanuary 15
Longleaf Partners International FundJanuary 15
Longleaf Partners Small CapJanuary 15
Longriver InvestmentsJanuary 18
LRT CapitalJanuary 4
Lyrical Asset ManagementJanuary 26
Macquarie GroupFebruary 4
Madison Dividend IncomeDecember 31
Madison Investors FundDecember 31
Madison Mid Cap FundDecember 31
Madison Small Cap FundDecember 31
Maran CapitalFebruary 1
Massif CapitalJanuary 22
Merion RoadFebruary 5
Merion Road CapitalJanuary 14
Miller Funds – Deep ValueFebruary 5
Miller Funds – Income StrategyFebruary 5
Miller Funds – Opportunity EquityFebruary 5
Miller/Howard InvestmentsJanuary 27
Mittleman BrothersFebruary 5
MPE CapitalJanuary 14
Muddy Waters Letter to S30January 26
Myrmikan ResearchJanuary 15
Newfound ResearchJanuary 12
Nomadic ValueJanuary 17
NZS CapitalJanuary 18
Oakmark Global FundJanuary 17
Oakmark Global Select FundJanuary 17
Oakmark Select FundJanuary 17
Old West Capital January 11
Palm ValleyJanuary 12
Pender FundJanuary 14
Permanent EquityJanuary 18
Polen Focus GrowthDecember 31
Polen Focus GrowthFebruary 4
Polen Global GrowthDecember 31
Polen Global GrowthFebruary 4
Polen International GrowthDecember 31
Pzena Investment ManagementDecember 31
RGA Investment AdvisorsFebruary 5
Richie Capital GroupJanuary 18
RiverPark Large Growth January 12
RiverPark Long Short Opportunity January 12
Rondure Global AdvisorsJanuary 17
Roubaix CapitalFebruary 5
Rowan Street CapitalJanuary 19
Rowan Street CapitalJanuary 25
RufferJanuary 12
RV CapitalJanuary 12
Saber Capital – End of Mean ReversionJanuary 12
Saga PartnersFebruary 5
SchroedersFebruary 4
Selcouth CapitalFebruary 4
Sequoia FundJanuary 25
Shadowfall Research – Network International Short ThesisJanuary 12
Shawspring Partners – A Framework for Understanding OptionalityJanuary 12
Silver Ring PartnersJanuary 14
Silver Ring Partners – Freshii ThesisJanuary 14
Smead Value FundJanuary 26
Sorfis CapitalJanuary 29
Spree CapitalJanuary 17
St. James Investment CompanyJanuary 14
Steel City CapitalJanuary 19
Summers Value PartnersJanuary 22
Symmetry InvestFebruary 5
T11 PartnersFebruary 5
Tao ValueJanuary 21
Third Avenue Real Estate FundDecember 31
Third Avenue Small Cap Value FundDecember 31
Third Avenue Value FundDecember 31
Tollymore PartnersFebruary 1
Tweedy BrowneFebruary 2
Tweedy BrowneFebruary 4
Upslope CapitalJanuary 14
Value Investor InsightFebruary 4
Viceroy Research – Tyro Short ThesisJanuary 21
Vltava FundJanuary 13
Vulcan ValueDecember 31
Vulcan Value PartnersFebruary 4
Wasatch Core Growth FundFebruary 2
Wasatch Micro Cap FundFebruary 2
Wasatch Micro Cap Value FundFebruary 2
Wasatch Small Cap Growth FundFebruary 2
Wasatch Small Cap Value FundFebruary 2
Wasatch Ultra Growth FundFebruary 2
Wedgewood PartnersJanuary 13
Weitz Hickory FundJanuary 27
Weitz Partners III Opportunity FundJanuary 27
Weitz Partners Value FundJanuary 27
Weitz Value FundJanuary 27
White Oak CapitalJanuary 26
Whitebrook CapitalJanuary 26
Q3 2020 Hedge Fund Letters
Investment FirmDate Posted
Andaz Private InvestmentsSeptember 30
Comus InvestmentsOctober 1
Distillate CapitalOctober 1
Eschler Asset ManagementOctober 1
T11 Capital ManagementOctober 1
Worm Capital October 1
Absolute Return Partners – Modern Monetary Theory ExploredOctober 6
JPMorgan Guide to the MarketsOctober 6
Kerrisdale Capital – AtriCure Short ThesisOctober 6
Spruce Point Capital – Sunnova Energy Short ThesisOctober 6
Goehring & RozencwajgOctober 7
Bill NygrenOctober 8
Black Bear Value PartnersOctober 8
First Eagle Management – ChinaOctober 8
DMZ PartnersOctober 9
DoubleLineOctober 9
Goldman Sachs – Post Election PoliciesOctober 9
Third Point Capital – Disney LetterOctober 9
Vltava FundOctober 9
Citron Research – Compass Pathways Long ThesisOctober 13
Ensemble FundOctober 13
Grizzly Reports – Short Thesis on Celsius HoldingsOctober 13
Hindenburg Research – Loop IndustriesOctober 13
JCap Research – Short Thesis on ACM ResearchOctober 13
Newfound ResearchOctober 13
Starboard Value – Corteva and ON SemiconductorsOctober 13
Howard Marks MemoOctober 13
ArgosyOctober 15
Massif Capital – ESGOctober 15
Mclain CapitalOctober 15
Ruane, Cunniff & GoldfarbOctober 15
Spree CapitalOctober 15
Summer Value PartnersOctober 15
Upslope CapitalOctober 15
Bill MillerOctober 16
Boyar Value GroupOctober 16
Bonitas Research – Short Thesis on HyliionOctober 16
Cedar Creek PartnersOctober 16
Cooper InvestorsOctober 16
Curreen CapitalOctober 16
Third Point CapitalOctober 16
Wedgewood PartnersOctober 16
Blue Tower Asset ManagementOctober 20
Laughing Water CapitalOctober 20
NZS CapitalOctober 20
Alluvial CapitalOctober 21
Bronte CapitalOctober 21
HoisingtonOctober 21
Polen Global GrowthOctober 21
Viceroy Research – GrenkeOctober 21
Weitz ManagementOctober 21
BiremeOctober 23
Bonsai PartnersOctober 23
Forager FundsOctober 23
Glasshouse Research – Columbia Sportswear Short ThesisOctober 23
Massif CapitalOctober 23
Oldfield PartnersOctober 23
Sparkline Capital – IntangiblesOctober 23
AikyaOctober 26
ArisaigOctober 26
Giverny CapitalOctober 26
Luca CapitalOctober 26
Nomadic ValueOctober 26
Turtle CreekOctober 26
White Brook CapitalOctober 26
Grizzly Reports – Short Thesis on SPI EnergyOctober 27
First Eagle ValueOctober 28
Gator CapitalOctober 28
Greenlight CapitalOctober 28
ICMOctober 28
Maran PartnersOctober 28
Steel City CapitalOctober 28
FPA Capital FundOctober 29
FPA Crescent FundOctober 29
Graham & DoddsvilleOctober 29
Donville KentNovember 1
Greenhaven RoadNovember 1
Greenwood InvestorsNovember 1
Horizon KineticsNovember 1
Lazard Review of Share Holder ActivismNovember 1
Miller Value Partners – Deep ValueNovember 1
Miller Value Partners – IncomeNovember 1
Miller Value Partners – OpportunityNovember 1
Space Investment QuarterlyNovember 1
Third Avenue Value FundNovember 1
2Point2 CapitalNovember 5
Alta Fox CapitalNovember 5
Arquitos CapitalNovember 5
Artko CapitalNovember 5
Blue Orca – Seek LTD Short ThesisNovember 5
Cartenna CapitalNovember 5
Desert Lion CapitalNovember 5
Equirus FundNovember 5
Silver Ring PartnersNovember 5
Tweedy BrowneNovember 11
1Main CapitalNovember 12
Black Bear Value PartnersNovember 12
Bonitas Research – China Harmony Auto Holdings Short ThesisNovember 12
Goehring & RozencwajgNovember 12
Greystone CapitalNovember 12
Miller Howard InvestmentsNovember 12
Mittleman BrothersNovember 12
Muddy Waters – MultiPlan Short ThesisNovember 12
PzenaNovember 12
Selcouth CapitalNovember 12
Tollymore PartnersNovember 12
Compound Everyday CapitalNovember 16
Crescat CapitalNovember 16
Merion RoadNovember 16
Riverpark Long/Short Opportunity FundNovember 16
Spruce Point Capital – AVY Short ThesisNovember 16
Hayden CapitalNovember 19
Hayden Capital – Afterpay PresentationNovember 19
Rhizome PartnersNovember 19
Muddy Waters – Joyy Inc Short ThesisNovember 19
Bluehawk Investors – PinterestNovember 24
Greenhavenroad Partners FundNovember 24
IP Capital PartnersNovember 24
JPM – Long Term Capital Market AssumptionsNovember 24
Kerrisdale Capital – Tattooed Chef Short ThesisNovember 24
Rowan Street CapitalNovember 24
Q2 2020 Hedge Fund Letters
Investment FirmDate Posted
Blackrock Midyear OutlookJuly 3
Epoch Partners – Capital Markets OutlookJuly 3
JPMorgan Guide to the MarketsJuly 3
Logica Funds – Talking Your Book About Value IIIJuly 3
AndazJuly 6
NZS CapitalJuly 6
Tollymore PartnersJuly 7
Elliot Management – Crown Castle LetterJuly 7
Elliot Management – Crown Castle PresentationJuly 7
Lindsell TrainJuly 8
Vltava FundJuly 8
Bill NygrenJuly 9
Lazard – Outlook on EMJuly 9
MPE CapitalJuly 9
Oakmark FundsJuly 9
Palm Valley CapitalJuly 9
JDP CapitalJuly 10
Massif CapitalJuly 10
Akre Focus FundsJuly 13
AndvariJuly 13
Baron FundsJuly 13
Giverny CapitalJuly 13
McLain CapitalJuly 13
Bill MillerJuly 14
Blue Orca Capital – Short China FeiheJuly 14
Desert LionJuly 14
GMO White Paper on Profit MarginsJuly 14
Silver Ring PartnersJuly 14
Wedgewood PartnersJuly 14
Bill Gross – The Real DealJuly 15
David CapitalJuly 15
Rowan StreetJuly 15
Upslope CapitalJuly 15
Argosy InvestorsJuly 17
Distillate CapitalJuly 17
IACJuly 17
1Main CapitalJuly 21
Citron Research – LRNJuly 21
Curreen CapitalJuly 21
East Coast AM 2009 – 2015July 21
Forager FundsJuly 21
GMO Emerging MarketsJuly 21
Hirschmann CapitalJuly 21
Polen Capital Focus GrowthJuly 21
Polen Capital Global GrowhtJuly 21
Steel City CapitalJuly 21
TGV Partners FundJuly 21
Third Avenue Real EstateJuly 21
Third Avenue Small Cap ValueJuly 21
Third Avenue Value FundJuly 21
Verdad – The Bubble 500July 21
Harding LoevnerJuly 23
Nomadic ValueJuly 23
PzenaJuly 23
Summers ValueJuly 23
WeitzJuly 23
Boyar ValueJuly 24
Maran CapitalJuly 24
Tao ValueJuly 24
Whitebrook CapitalJuly 24
Canterbury TollgateJuly 27
Ensemble FundJuly 27
Greenhaven RoadJuly 27
Horizon KineticsJuly 27
Laughing Water CapitalJuly 27
Old West ManagementJuly 27
EuclideanJuly 28
Miller Income StrategyJuly 28
Miller Opportunity EquityJuly 28
Miller ValueJuly 28
Alluvial CapitalJuly 29
Bonsai PartnersJuly 29
Greystone CapitalJuly 29
JDP CapitalJuly 29
Pabrai FundsJuly 29
Spree Capital AdvisorsJuly 29
AltaFox CapitalAugust 3
Arquitos CapitalAugust 3
Baupost GroupAugust 3
Donville KentAugust 3
Evermore GlobalAugust 3
Fairholme FundsAugust 3
First EagleAugust 3
Gator CapitalAugust 3
Lakewood CapitalAugust 3
Saga PartnersAugust 4
Goehring & RozencwajgAugust 5
Greenlight CapitalAugust 5
AikyaAugust 6
Artko CapitalAugust 6
Bluehawk Investment GroupAugust 6
Emeth ValueAugust 6
Howard Marks Memo – Time for ThinkingAugust 6
Salt Light CapitalAugust 6
Tweedy BrowneAugust 6
Third Point CapitalAugust 7
Coho CapitalAugust 10
Bonhoeffer CapitalAugust 11
Lightsail CapitalAugust 11
Askeladden CapitalAugust 12
Hayden CapitalAugust 12
James Montier – Reasons Not to be CheerfulAugust 13
Jcapital Research – Starr SurgicalAugust 13
Culper Research – Short Thesis on Blink ChargingAugust 20
Greenwood InvestorsAugust 20
Mittleman BrothersAugust 20
RF CapitalAugust 20
Superstring CapitalAugust 20
TGV Intrinsic FundAugust 20
Willow Oak FundsAugust 20
BroyhillAugust 21
InterviewDate Posted
Ray Dalio – BloombergJuly 8
Greg Jensen – BridgewaterJuly 9
Charlie MungerJuly 10
Janet YellenJuly 15
Sam Zell on REITsJuly 15
Josh FriedmanJuly 17
Ensemble Capital – Market UpdateJuly 21
Invest Like the Best – Charlie SonghurstJuly 21
Howard Marks – CFA Society ChileAugust 3
Gavin Baker – AI Tailwind for SemiconductorsAugust 3
Howard Marks BloombergAugust 7
Beeneet KothariAugust 17
Joel GreenblattAugust 20
Q1 2020 Hedge Fund Letters
Investment FirmDate Posted
A Primer on Reading Annual ReportsApril 7
Absolute Return PartnersApril 7
Bankruptcy Law PrimerApril 7
Berkshire Hathaway Annual ReportApril 7
Crescat Capital – Blood in the StreetsApril 7
FundsmithApril 7
Glasshouse Research – Cubic CorpApril 7
Grants – Grand Tour of JunkApril 7
Hindenburg Research – HF FoodsApril 7
Horizon Kinetics – March 20April 7
Horizon Kinetics – March 25April 7
Howard Marks Memo – March 3April 7
Howard Marks Memo – March 19April 7
Howard Marks Memo – March 31April 7
J Capital – GDS HoldingsApril 7
James Montier – Fear and Psychology of Bear MarketsApril 7
Jamie DimonApril 7
JDP CapitalApril 7
JPMorgan – Guide to the MarketsApril 7
Oaktree Capital – Assessing Relative CreditApril 7
Oaktree Capital – Risks and Opportunities in EMApril 7
O’Shaughnessey Asset ManagementApril 7
Pershing Square Capital – Annual LetterApril 7
Pershing Square Capital – CDS TradeApril 7
Sequoia FundApril 7
Spruce Point Capital – WD-40April 7
Wedgewood PartnersApril 7
Wolfpack Research – IQIYIApril 7
Akre Focus FundApril 8
Alliance Bernstein Long CapApril 8
Bill Nygren CommentaryApril 8
Howard Marks Memo – April 7April 8
Vltava FundApril 8
Vulcan Value PartnersApril 8
Bluehawk InvestorsApril 9
Boston OmahaApril 9
Driehaus Life SciencesApril 9
Riverpark Floating CMBSApril 9
Riverpark Large GrowthApril 9
Riverpark Long Short OpportunityApril 9
Schiehallion FundApril 9
Thornburg Global OpportunitiesApril 9
Brown AdvisoryApril 10
GMO White PaperApril 10
MawerApril 10
Newfound ResearchApril 10
Templeton and PhillipsApril 10
Universa InvestmentsApril 10
FPA Crescent Fund TranscriptApril 11
Third Avenue Value FundApril 11
Desert Lion CapitalApril 12
Massif CapitalApril 12
Muddy Waters – eHealthApril 12
Turtle CreekApril 12
UBS 2020 Real Estate ReportApril 12
Crescat CapitalApril 15
Howard Marks Memo – April 14April 15
Longleaf PartnersApril 15
Madison Investors FundApril 15
Pabrai FundsApril 15
St. James Investment CompanyApril 15
AntipodesApril 17
Artisan Mid CapApril 17
Baron FundsApril 17
Cooper InvestorsApril 17
David HerroApril 17
Ensemble FundApril 17
Jeff Bezos Annual LetterApril 17
KKR Global Macro InsightsApril 17
RobottiApril 17
Summer Value PartnersApril 17
Third Point CapitalApril 17
Tweedy BrowneApril 17
Whitebrook CapitalApril 17
Harding LoevnerApril 18
Kuleana CapitalApril 18
Mairs & PowerApril 18
McKinsey – The Future of TravelApril 18
RPIAApril 18
Silver Ring PartnersApril 18
Third Point CapitalApril 18
Upslope CapitalApril 18
Rhizome PartnersApril 20
White Crane CapitalApril 20
Canterbury TollgateApril 21
Elliot Management – PerspectivesApril 21
First EagleApril 21
O’Shaughnessy Asset ManagementApril 21
Baron FundsApril 21
Diamond HillApril 23
Evermore Global ValueApril 23
Giverny CapitalApril 23
Kerrisdale Capital – Short Thesis on Mirati TherapeuticsApril 23
Maran CapitalApril 23
Wolfpack Research – Short Thesis on Inspire Medical SystemsApril 23
Ewing MorrisApril 24
HoisingtonApril 24
Horizon KineticsApril 24
Merrill Lynch Capital Markets OutlookApril 24
RGA AdvisorsApril 24
Gardner, Russo & GardnerApril 26
Greenhaven Road CapitalApril 26
Polen Focus GrowthApril 26
Polen Global GrowthApril 26
Steel City CapitalApril 26
Guggenheim CIO OutlookApril 28
Hindenburg Research – Short Thesis on New Pacific MetalsApril 28
Laughing Water CapitalApril 28
Miller Deep ValueApril 28
Miller Income StrategyApril 28
Miller Opportunity EquityApril 28
Newfound ResearchApril 28
Quintessential Capital – Short Thesis on AkazooApril 28
RF CapitalApril 28
White Diamond Research – Short Thesis on BioSigApril 28
Open Square CapitalApril 29
TCI Fund – Letter to WirecardApril 29
Alluvial CapitalApril 30
Arquitos CapitalApril 30
Bessemer – State of the Cloud IndustryApril 30
BroyhillApril 30
Alta FoxMay 2
Boyar ValueMay 2
SRK CapitalMay 2
Distillate CapitalMay 3
First Eagle Fund of AmericaMay 3
First Eagle High IncomeMay 3
First Eagle Income BuilderMay 3
First Eagle ValueMay 3
Angelo GordonMay 5
Citron – Short Thesis on InovioMay 5
Grizzly Reports – Short Thesis on WUBAMay 5
Tao ValueMay 5
Universa on Tail HedgingMay 5
Health Invest PartnerMay 7
Amalthea CapitalMay 10
Amana Mutual FundsMay 10
Andvari AssociatesMay 10
Alphyn CapitalMay 10
Blue Tower Asset ManagementMay 10
Hayden CapitalMay 10
Horos Asset ManagementMay 10
LRT CapitalMay 10
Palm Valley CapitalMay 10
Paul Tudor JonesMay 10
Sextant Mutual FundsMay 10
Steel CityMay 10
Third Avenue Real EstateMay 10
Third Avenue Small CapMay 10
Tidefall CapitalMay 10
Touchstone FundsMay 10
Bernzott Capital AdvisorsMay 11
Compound Everyday CapitalMay 11
Comus InvestMay 11
Greenwood InvestorsMay 11
Guggenheim InvestmentsMay 14
Elliot Management – AlexionMay 14
HG Capital TrustMay 14
Huffman PrairieMay 14
Independent Franchise Partners – KirinMay 14
Tao Value – StrategyMay 14
Value Investor Insight – Bill NygrenMay 14
Credit Suisse – Global Money NotesMay 15
Howard Marks Memo – UncertaintyMay 15
Logica Funds – Talking Your Book About ValueMay 15
Mittleman BrothersMay 15
Top Retail BrandsMay 15
Donville & KentMay 16
Goehring & RozencwajgMay 16
Apollo Asia FundMay 18
Bonitas Research – Short Thesis on Pets at HomeMay 18
Culper Research – Update on CatasysMay 18
Hindenburg Research – Short Thesis on China Metals Resource UtilizationMay 18
Lightsail CapitalMay 18
Muddy Waters – Update on Burford CapitalMay 18
Spruce Point Capital – Short Thesis on Forescout TechnologiesMay 18
Verdad – High YieldMay 18
KKR Global Macro TrendsMay 20
Lightsail CapitalMay 20
FPA Crescent FundMay 20
AorisMay 22
Giverny Capital Asset ManagementMay 22
Bireme CapitalMay 25
Greenhaven Road Partners FundMay 25
Hindenburg Research – Short Thesis on Sorrento TherapeuticsMay 26
Land & Buildings – Short Thesis on Empire State Realty TrustMay 26
Muddy Waters – Short Thesis on GSXMay 26
Viceroy Research – Short Thesis on Sorrento TherapeuticsMay 26
JLL – US Office OutlookMay 27
Massif Capital – Long Thesis on BakkafrostMay 27
Bonhoeffer FundMay 29
Howard Marks Memo – Uncertainty IIMay 29
Muddy Waters – Update on GSXMay 29
Citron Research – Long Thesis on RHJune 1
CloudyThunder Research – Short Thesis on Tianneng PowerJune 1
Horseman CapitalJune 1
JCapital Research – Short Thesis on NovaGoldJune 1
InterviewDate Posted
Bill Ackman – BloombergApril 7
Bill Ackman – CNBCApril 7
Jim ChanosApril 7
Murray StahlApril 7
Oaktree Capital – Emerging MarketsApril 7
Oaktree Capital – Relative ValueApril 7
Steve BregmanApril 7
Fundsmith Annual MeetingApril 8
Grant Williams 2020 SeriesApril 9
Barry DillerApril 17
Willow Oak Value HourApril 17
Ray Dalio – BloombergApril 18
Invest Like the Best – Dan RasmussenApril 18
Invest Like the Best – Gavin BakerApril 18
Masters in Business – James MontierApril 18
Carl Icahn – BloombergApril 26
Greg Maffei – CNBCApril 26
A Shift in Investment Strategies Post CoronavirusApril 28
Bill Ackman – Farnam PodcastApril 29
Jim Chanos on Financial FraudMay 3
Sam Zell – BloombergMay 5
David Tepper – CNBCMay 15
Stanley Druckenmiller – ECNYMay 15
Howard Marks – BloombergMay 18
Jerome Powell – 60 MinutesMay 18
Chris BloomstranMay 20
Gavin Baker – CSIMAMay 20
Howard Marks – CFAMay 20
CFA Institute Virtual ConferenceMay 25
Jorge Paulo LemannMay 26

2019 Hedge Fund Letters

Q4 2019 Hedge Fund Letters
Investment FirmDate Posted
Earnest Capital MemoJanuary 4
JPM Guide to the MarketsJanuary 4
Morgan Stanley 2020 OutlookJanuary 6
Woodlock HouseJanuary 7
Vltava FundJanuary 7
2Point2 CapitalJanuary 8
East72 CapitalJanuary 8
WCM Global GrowthJanuary 8
Akre Focus FundJanuary 10
MPE CapitalJanuary 10
Datt CapitalJanuary 10
DMX CapitalJanuary 11
EGP CapitalJanuary 11
Edgebrook CapitalJanuary 12
Sandon CapitalJanuary 12
Greenwood InvestorsJanuary 13
Howard Marks MemoJanuary 13
Lindsell TrainJanuary 13
RV CapitalJanuary 13
Vilas FundJanuary 13
Wedgewood PartnersJanuary 13
Andaz PrivateJanuary 15
Saber CapitalJanuary 15
Sumzero 2020January 15
Upslope Capital – Focus Financial Short ThesisJanuary 15
BlackrockJanuary 16
Cooper InvestorsJanuary 16
L1 CapitalJanuary 16
MOI Global Best Ideas 2020January 16
Prescience Point – Medallia Short ThesisJanuary 16
Research AffiliatesJanuary 16
JPM Global Alternatives OutlookJanuary 17
Massif CapitalJanuary 17
Spree CapitalJanuary 17
TGV – Rubicon FundJanuary 17
Bill MillerJanuary 20
Bill Nygren CommentaryJanuary 20
FundsmithJanuary 20
Salt Light CapitalJanuary 20
KKR Global Macro Trends 2020January 21
SageOne Investment AdvisorsJanuary 21
Donville KentJanuary 22
Ensemble FundJanuary 22
Greenlight CapitalJanuary 22
Polen Capital Focus GrowthJanuary 22
Apollo Asia FundJanuary 23
HGC ManagementJanuary 23
Palm Harbour CapitalJanuary 23
Silver Ring Value PartnersJanuary 23
Silver Ring Value Partners – Owens-IllinoisJanuary 23
White Crane CapitalJanuary 23
Wolfhill CapitalJanuary 23
Alluvial CapitalJanuary 24
Artko CapitalJanuary 24
David HerroJanuary 24
Ewing MorrisJanuary 24
Ewing Morris – Dark Horse FundJanuary 24
Greenwood InvestorsJanuary 24
Sequoia FundJanuary 24
First Eagle Value FundJanuary 25
Summers Value PartnersJanuary 25
Long Cast AdvisorsJanuary 26
Mott CapitalJanuary 26
TGV – Partners FundJanuary 26
Artemis CapitalJanuary 27
Whitebrook CapitalJanuary 27
Arquitos CapitalJanuary 28
Curreen CapitalJanuary 28
Euclidean TechnologiesJanuary 28
Euler Hermes on RetailJanuary 28
Forager FundsJanuary 28
FPA Capital FundJanuary 28
Maran CapitalJanuary 28
Stanphyl CapitalJanuary 28
Starboard Letter to GCPJanuary 28
Starvine CapitalJanuary 28
Turtle CreekJanuary 28
Weitz FundJanuary 28
Kerrisdale Capital – Principia BiopharmaJanuary 29
RGA Investment AdvisorsJanuary 29
VGI PartnersJanuary 29
Boyar’s ValueJanuary 30
Crescat CapitalJanuary 30
Gator CapitalJanuary 30
Horizon KineticsJanuary 30
Martin Capital ManagementJanuary 30
RLT CapitalJanuary 30
Ben Evans – Tech in 2020January 31
Fairholme FundsJanuary 31
Third Point CapitalJanuary 31
1 Main CapitalFebruary 3
Alphyn CapitalFebruary 3
Lyrical Asset ManagementFebruary 3
Tweedy BrowneFebruary 3
Absolute Return PartnersFebruary 4
Argosy InvestorsFebruary 4
Credit Suisse 2020 Global OutlookFebruary 4
Goehring & RozencwajgFebruary 4
Huffman PrairieFebruary 4
Perpetual Global InnovationFebruary 4
Alta Fox CapitalFebruary 6
Bluetower Asset ManagementFebruary 6
Bumbershoot HoldingsFebruary 6
Laughing Water CapitalFebruary 6
Pershing Square Annual PresentationFebruary 6
Compound VCFebruary 7
FPA Crescent FundFebruary 10
IP CapitalFebruary 10
Starboard Letter to EbayFebruary 10
TGV Truffle FundFebruary 10
Tyro CapitalFebruary 10
Admiral CapitalFebruary 11
Horizon Capital – Asia FundFebruary 11
Verdad Capital – Crisis InvestingFebruary 11
Bonhoeffer FundFebruary 13
GMOFebruary 14
Jeremy GranthamFebruary 14
Kerrisdale Capital – Short Thesis on Match Group/IACFebruary 14
Aturna CapitalFebruary 15
AVI Japan Opportunity TrustFebruary 15
Greenhaven Road CapitalFebruary 15
Hayden CapitalFebruary 15
TGV Intrinsic FundFebruary 15
Coho CapitalFebruary 18
Askeladden CapitalFebruary 19
Broyhill Asset ManagementFebruary 19
Horos AMFebruary 19
Spruce Point Capital – DropboxFebruary 19
Agman CapitalFebruary 20
Berkshire HathawayFebruary 23
Bilgari HoldingsFebruary 23
Saga PartnersFebruary 23
Semper AugustusFebruary 23
Q3 2019 Hedge Fund Letters
Investment FirmDate Posted
Absolute Return PartnersOctober 7
BAM Investor Day PresentationOctober 7
Collaborative Fund – Three Big ThingsOctober 7
Elliot Management Letter to ATTOctober 7
Elliot Mangement Presentation on Marathon PetroleumOctober 7
FRMO Annual ReportOctober 7
JPM Guide to the MarketsOctober 7
Andaz Private InvestmentsOctober 9
Bill NygrenOctober 9
Focused CompoundingOctober 9
Lindsell TrainOctober 9
Oakmark FundOctober 9
Venator CapitalOctober 9
Vltava FundOctober 9
Curreen CapitalOctober 11
East72October 11
GMOOctober 11
Sequoia FundOctober 11
Upslope CapitalOctober 11
Datt CapitalOctober 14
Lindsell Train Global FundOctober 14
Wedgewood PartnersOctober 14
Graham and Doddville – Issue 37October 15
Artko CapitalOctober 17
Ensemble FundOctober 17
OSAMOctober 17
Polen – Focus GrowthOctober 17
Polen – Global GrowthOctober 17
Polen – International GrowthOctober 17
White Crane CapitalOctober 17
Howard Marks MemoOctober 18
Euclidean TechnologiesOctober 19
DMX CapitalOctober 21
Forager FundsOctober 21
Greenhaven RoadOctober 21
Saber CapitalOctober 21
Tollymore PartnersOctober 21
Arquitos CapitalOctober 22
Crescat CapitalOctober 22
Curreen CapitalOctober 22
Laughing Water Capital LP Meeting TranscriptOctober 22
Massif CapitalOctober 22
Silver Ring Value PartnersOctober 22
Vilas FundOctober 22
Bill Miller Income StrategyOctober 27
Bill Miller Opportunity EquityOctober 27
Bill Miller Deep ValueOctober 27
GQG Partners – Emerging MarketsOctober 30
GQG Partners – Global EquityOctober 30
Alluvial CapitalOctober 30
Apollo Asia FundOctober 30
Blue Tower Asset ManagementOctober 30
Ewing MorrisOctober 30
Gator CapitalOctober 30
Spree CapitalOctober 30
Third Point CapitalOctober 30
Whitebrook CapitalOctober 30
Alta Fox CapitalNovember 1
Askeladden CapitalNovember 1
Bluehawk Investment ManagementNovember 1
FPA Crescent FundNovember 1
Greenlight CapitalNovember 1
Horizon KineticsNovember 1
Long Cast AdvisorsNovember 1
RF CapitalNovember 1
Tao Value FundNovember 1
Tweedy BrowneNovember 1
Bonhoeffer CapitalNovember 4
Rangeley CapitalNovember 4
Goehring & RozencwajgNovember 6
Maran CapitalNovember 6
Saga PartnersNovember 6
Third AvenueNovember 6
Absolute Return Partners – How to Invest in a Low Growth World Part IINovember 7
Donville KentNovember 8
Greenwood InvestorsNovember 17
Lightsail CapitalNovember 17
Oaktree – Deeper Dive into Structured CreditNovember 17
Quartz Capital Letter to Sabana REITNovember 17
Desert Lion CapitalNovember 18
Hayden CapitalNovember 18
SRK CapitalNovember 21
Blue Orca – Kasen International ShortNovember 25
Greenhaven Road Partners FundNovember 25
Lindsell TrainNovember 25
Mittleman BrothersNovember 25
Oasis Management – Sanken Electric CoNovember 25
Rangeley CapitalNovember 27
First Eagle – Facing Your FearsDecember 2
Heller House CapitalDecember 2
Absolute Return PartnersDecember 3
Ashmore Group – Africa’s Public MarketsDecember 3
Engine Capital – PDL BiopharmaDecember 3
Legion Partners – Bed, Bath & BeyondDecember 3
Marathon Partners Letter – e.l.f BeautyDecember 3
Conover Investment AdvisoryDecember 6
Bireme CapitalDecember 10
DB Research – Imagine 2030December 10
Greenwood InvestorsDecember 10
Prescience Point Capital – Broadmark RealtyDecember 10
Citron Research – PeletonDecember 11
Star Capital Research – The Presumed End of ValueDecember 11
Del Principe O’BrienDecember 11
Q2 2019 Hedge Fund Letters
Investment FirmDate Posted
KKR Midyear Macro ReportJuly 1
Oaktree Capital Insights – Real Estate CycleJuly 1
Third Point Capital Sony LetterJuly 1
Third Point Capital Sony PresentationJuly 1
Askeladden CapitalJuly 2
OSAM – The Earnings MirageJuly 2
Stanphyl CapitalJuly 2
Kerrisdale Capital – Tucows Short ThesisJuly 3
PE Ratio – A Users ManualJuly 3
Vltava FundJuly 4
Absolute Return PartnersJuly 9
Sequoia Fund Investor DayJuly 9
Sequoia FundJuly 9
Merion RoadJuly 9
Tollymore PartnersJuly 10
Ewing MorrisJuly 12
MPE CapitalJuly 12
Spree CapitalJuly 12
Wedgewood PartnersJuly 14
Kerrisdale – CareDx Short ThesisJuly 17
Longleaf PartnersJuly 17
Massif CapitalJuly 17
Oldfield PartnersJuly 17
Palm ValleyJuly 17
Silver Ring PartnersJuly 17
TGV Rubicon FundJuly 17
Upslope CapitalJuly 17
Verdad CapitalJuly 17
Bill Nygren CommentaryJuly 18
Euclidean CapitalJuly 18
Curreen CapitalJuly 20
IVA International FundJuly 20
IVA Worldwide FundJuly 20
Verdad EuropeJuly 20
Verdad JapanJuly 20
Third Avenue Value FundJuly 22
Whitebrook CapitalJuly 22
Blue Tower Asset ManagementJuly 23
East72July 23
Horizon KineticsJuly 23
Miller Deep ValueJuly 23
Miller Income FundJuly 23
Miller Opportunity EquityJuly 23
Saber Capital ManagementJuly 23
Turtle CreekJuly 23
First EagleJuly 24
TGV Partners FundJuly 24
TGV Truffle FundJuly 24
Third Avenue Real EstateJuly 24
Third Avenue Small CapJuly 24
Bluehawk InvestorsJuly 25
Crescat CapitalJuly 25
Greenlight CapitalJuly 25
Riverpark Large Growth FundJuly 25
Arquitos CapitalJuly 26
Bonhoeffer FundJuly 26
Choice EquitiesJuly 26
Maran CapitalJuly 26
Alta Fox CapitalJuly 30
Laughing Water CapitalJuly 30
Summers Value PartnersJuly 30
Third Point CapitalJuly 30
Tweedy BrowneJuly 30
Apollo Asia FundAugust 1
Artko CapitalAugust 1
FPA Capital FundAugust 1
FPA Crescent FundAugust 1
Gator CapitalAugust 1
O’Shaughnessy – Mispriced InnovationAugust 1
RLT CapitalAugust 1
Third Avenue Value FundAugust 1
Boyar’s ResearchAugust 2
Fairholme FundsAugust 2
VGI PartnersAugust 2
Greenhaven Road CapitalAugust 7
Mittleman BrothersAugust 7
Muddy Waters – Burford Capital ShortAugust 7
TGV Partners Intrinsic FundAugust 7
IACAugust 8
Long Cast AdvisorsAugust 8
Oaktree Insights – Global Credit InvestingAugust 8
PzenaAugust 8
Tao ValueAugust 8
Lightsail CapitalAugust 11
RV CapitalAugust 11
Elliot Advisors on Scout24August 12
Goehring & RozencwajgAugust 12
Saga PartnersAugust 12
Coho CapitalAugust 14
GE Short ReportAugust 20
Greenwood InvestorsAugust 20
Pershing Square CapitalAugust 20

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The Ultimate Guide to Value Investing

Do you want to know how to invest like the value investing legend Warren Buffett? All you need is money to invest, a little patience—and this book.