In our quest to present you as many resources as we can, today we present you Grey Owl Capital Management's fourth quarter 2009 letter to investors. In the commentary, they address current market valuation and the possibility of range bound markets. It also delves into the concept of buying 80-cent dollars versus waiting for 50-cent dollars, a quandary often found in value investing.
Embedded below is Grey Owl's fourth quarter commentary:
You can download the .pdf here.
We've been posting a bunch of market commentary up as of late, so head to all our coverage of investor letters for more insight.
Monday, February 1, 2010
Grey Owl Capital Management: Investor Letter (Q4 2009)
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