How did he resolve it? While we discussed in the carry on stake and from sense his commentary, he found his niche (Chinese frauds), and generated massive amounts of alpha from with the aim of niche. To me, the note underneath reads very comparable to selected of the elder words of Scion Capital penned by Michael Burry: Explanatory of pardon? The deposit is liability, commentary of thematic issues heartwarming the portfolio, and with a strong perceive of modesty.
From re-reading a tell Kerrisdale Capital penned on CEU (China Education Alliance), it shows me this is the kind of toil emerging encircle deposit managers need to be performing. Not taking positions in multi billion cash marketplace cap stocks. Yes they may well be discounted, but pardon? Differentiating factors are you bringing to the analysis? I hunger someone in the weeds, spiraling on each seed, and separating verity from misinformed marketplace expectations. W.C. Fields used to say, and length Greenberg of AIG recurring often: "All I hunger from life is an unfair improvement." To me this sort of deposit, someplace real, value-added due diligence is chief, is someplace investors ought to be allocating wealth in the opportunity.
