We set our investment process to what the world could look like in 2028. We are more concerned with the ‘two birds in the bush’ so to speak. And then extending the adage further: what is the price implying to catch these plump birds.
We feel the need to say: ‘Cheer Up!’ – this moment too shall pass. In the face of uncertainties, persistently negative headlines, and downbeat sentiment, it is always more helpful to lengthen perspective when others are shortening theirs.
For us, these turbulent periods are somewhat cathartic for our investment process. Investing mistakes are usually made in the ‘good times’ when the price one pays can diminish the returns on even the most wonderful businesses because future price expectations are based on a hopeful set of outcomes rather than probabilistic realism.
Given your and our long-term focus, these short-term price moves over a month, quarter or even a year concerning our long-term investment strategy should be of little significance.
The second quarter of 2021 would probably rank as the most ‘reflationary’ economic environment that we’ve seen in decades.
We’ve utilised this buoyancy to reposition the portfolio outside of South Africa and into global opportunity sets that we’ve been working on over the last few years
Factsheet PDF version of this letter 3 May 2021 Dear Co-Investor A fairly robust performance from the SaltLight SNN Worldwide Flexible Fund during the first quarter of the year as conditions for equities were rather favourable. It is a sobering thought to admit that it… Read More »SaltLight SNN Worldwide Flexible Fund – Investor Letter 1Q21
Factsheet PDF version of this letter Dear Co-Investors, 2020 will mark as one of the most eventful of our lives personally but also for SaltLight. As we grow our firm, the festive period has been a wonderful time to think back on our entrepreneurial journey… Read More »SaltLight SNN Worldwide Flexible Fund – Investor Letter 4Q20
Dear Shareholder This quarter shall probably be remembered in the history books as the quarter that the world suddenly stopped. Dispersion amongst our portfolio companies was evident with a standout performance from technology investments and further declines in domestically-exposed businesses. The portfolio continues to be… Read More »Archive 2Q 2020 Letter
Breakfast, Burgers and Complexity Early in March, in what seems like a lifetime ago and days prior to South Africa’s lockdown, we took a trip down to KwaZulu-Natal Coast. A full trip to the coast usually takes around six hours and if one leaves early… Read More »Archive 1Q 2020 Letter