nyselh
Vltava Fund commentary for the fourth quarter ended December 31, 2021. Q3 2021 hedge fund letters, conferences and more 2021Looking back upon the past year, one could describe 2021 as a year of very strong growth in profitability among the companies we hold in our portfolio. The profits of these companies grew even faster than did the Fund’s NAV. Indeed, if we measure the NAV of the Fund against the current profitability of the companies we own, then the Vltava Fund portfolio is cheaper at the end of 2021 than it was at its beginning, despite the past year’s substantial growth in NAV. For me p...
ValueWalk
Vltava Fund’s letter to shareholders for the first quarter ended March 2021, discussing that we are approaching a period of significant global economic boom. Q1 2021 hedge fund letters, conferences and more This is my quarterly Letter to Shareholders number 46. (Before I started writing them, which means in the first 6 years of Vltava Fund’s existence, I was writing to you only annual letters.) This is a sort of continuing lifelong book to which one chapter is added each quarter. To be honest, I scarcely can recall the content of some of those letters. Others of them I remember very well, howe...
ValueWalk
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