Read Hayden Capital's latest letter with a take on value investing and technology companies:
"Over the last few years, investors will notice that our portfolio has started to develop a tilt towards “technology” companies. Amazon, JD.com, Zooplus, Baidu, Cimpress, and even Interactive Brokers can all be classified into this bucket.
Traditional value investing teachings have long encouraged investors to shun this category, putting it in the “too hard” pile due to the nature of rapid change.
I think it’s time the narrative is re-examined, or at the very least not taken at face value without further thought. In today’s world, change is a given, not an outlier. So the question is how can we spot these inflection points in change, and ensure our investments themselves won’t be disrupted? One approach is to take an idea from Amazon. Jeff Bezos has famously said to focus on the very few things that won’t change – customers’ preference for low prices for instance – and assume everything else will."
Full letter here: Hayden Capital 3Q 2017 Investor Letter
More hedge fund letters: Hedge Fund Third Quarter 2017 Investor Letters