Annual Letter to Partners (Financial Year 2021)

Annual Letter to Partners (Financial Year 2021) Dear Partners,  I hope that you and your loved ones remain healthy and well. Although the power that inflation wields on deflating the value of your capital is somewhat cliché, it can still be unsettling to consider that many of the things you seek to expend your capital […]

Meta in depth

Meta in depth We are long Meta Platform, Inc (FB $181) which is, in our view, a fantastic business that Mr. Market will sell to you for 16X consensus 2022 EPS and ~15X my own estimate, which nets out cash per share.  Bloomberg Consensus EPS (these numbers are a week or two stale):FY2022 – $12.12FY2023 – $14.15   […]