Dear Fellow Investors,
2020 has been a very strange and difficult year in so many regards. We hope you have all managed as best you can in what for many has been the most difficult circumstances.
This letter covers the following topics:
- Our investment approach and performance over a longer timeframe;
- 2020 performance and what we learnt from the year;
- 2021 Macro risk and opportunities; and
- A few of our 2021 Themes.