Broyhill Asset Management 2Q 2017 Investor Letter

Broyhill Asset Management just published its second quarter 2017 investor letter.

The letter discusses the current market complacency and the narratives that investors create.

From time to time, it is normal for markets to experience periods of low volatility and high complacency. However, it is dangerous to come to expect them. It is even more dangerous to rely on them

Broyhill cautions investors to expect low returns from the stock market:

Research from Goldman Sachs Asset Management illustrates that at current valuation levels, the S&P has delivered single-digit or negative returns 99% of the time.

The fund has been buying closed-end municipal bond funds.

Starting in December of 2016, we began building a basket of closed-end municipal bond funds. 

The firm is also invested in Cognizant (CTSH), and both Dollar Tree and Dollar General (DLTR, DG). 

You can find the full investor letter here:

Broyhill Asset Management 2Q 2017 Investor Letter


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