Not an endorsement of the letters. Please read our disclaimer. No endorsement of the hedge funds or the opinions and investments discussed in the letters. Not a recommendation of - or advertisement for - the below hedge funds (or any other investment products). Not investment advice.

Please note these letters are the intellectual property of their respective authors.


Other Reading

Graham & Doddsville Winter 2018
Leon Cooperman (ADT), Ruane, Cunnif, Goldfarb (GOOG, CACC), Vulcan Value (ORCL), Oasis on activism in Japan/China. Pitches: Staples 2025 bond, FLT, FDC.

Activist Investing Annual Review 2018
KKR Outlook 2018
Lazard 2017 Activism Review


Hedge Fund Letters

Artko Capital LP 4Q 2017 Partner Letter (JYNT, VLGEA, PRXIQ, SKY, HTM)

Corsair Capital 4Q 2017 Letter (CZR, VOYA)

Evermore Global Advisors 4Q 2017 Commentary (NLFSK.DK, 6425

FPA Capital Fund 4Q 2017 Investor Letter (Bullish case for energy)
FPA Crescent Fund 4Q 2017 Investor Letter

Fundsmith 2017 Annual Letter (comments on ADP, PG, NSRGY, UN activist situations) 

Goehring & Rozencwajg: 4Q 2017 Investor Letter (bullish oil, uranium)

Greenhaven Road Capital 4Q 2017 Investor Letter (YTRA, SVIN (Pink), BXC)

Greenlight Capital 4Q 2017 Letter (GM, BHF, CEIX/CNX, ESV, TWX, TWTR)

GreenWood Investors 4Q 2017 Investor Letter

Horizon Kinetics 4Q 2017 Letter (inflation protection, marine drilling & shipping, precious metals royalties, Bitcoin; AC, CVEO, TPL, IEP)
Horizon Kinetics 4Q 2017 Portfolio Update Deck

IBV Capital 4Q 2017 Letter (AGL Bermuda)

Laughing Water Capital 4Q 2017 Investor Letter (ADES, GHL, TR, FC)

Maran Capital Management 4Q 2017 Letter (SVIN (pink), CLAR, ATTO)

Mar Vista 4Q 2017 Investor Letter (XPO, KMX)

Miller Value Opportunity Equity 4Q 2017 Letter (OMF, CTL, DISCK, SFIX)
Bill Miller’s 4Q 2017 Market Letter

Platinum Asset Management Q4 2017 Report (SIE DE)

Pzena Investment Management Q4 2017 Commentary (industries facing disruption)

RLT Capital 4Q 2017 Letter (EVC)

Ruane, Cunniff & Goldfarb (Sequoia Fund) 4Q 2017 Investor Letter

Saber Capital 2017 Letter (AAPL, TCEHY)

Third Avenue Small-Cap Value Fund 4Q 2017 Letter (AHL, CARE, FPH, TDW, MYRG)
Third Avenue Value Fund 4Q 2017 Letter (LUN.CA, IFP.CA, HCC

Upslope Capital Management 4Q 2017 Investor Letter (Investors "all-in", blockchain equities, CCK, BMS, SFER.IM, NXG.LN)

Wedgewood Partners 4Q 2017 Client Letter
(Market valuation, AAPL, CELG, KHC, PCLN, SLB/CLB, SCHW, V)