Saber Capital just released its 2017 mid-year investor update. In the letter, John Huber comments on concepts such as 'deep work' and 'edge'.
I’ve written before about what I think Saber’s edge is, but I think it can easily be summarized in two broad categories:
- We have the ability to maintain a very long-term time horizon
- We have the ability to be extremely patient – waiting for the best investment opportunities
The letter also discusses the investment case for Tencent (TCEHY).
The company operates in numerous businesses that generate significant free cash flow, take very little capital to grow, and have huge runways for growth in China and around the world. These businesses and investments consist of video game publishing, music and video subscriptions, ecommerce, mobile payments, and online advertising among other assets.
You can find Saber's Tencent slide deck here: Saber Capital: Tencent's Wide Moat (2017)
You can find the full letter here:
Saber Capital 2017 Mid-Year Update
And more hedge fund investor letters here:
Hedge Fund Second Quarter 2017 Investor Letters