Broeb22 Posted October 6, 2020 Share Posted October 6, 2020 https://www.sec.gov/Archives/edgar/data/351786/000110465919072872/tm1925242-1_ncsr.htm Page 22 shows this family office's long-term results. This is also the same family office where Chris Pavese from Broyhill Asset Management works. I wonder how he squares this long-term performance with his letters which paint a picture of success protecting investor capital. 4-5% long-term...not so hot Link to comment Share on other sites More sharing options...
Broeb22 Posted October 6, 2020 Author Share Posted October 6, 2020 Increasing cash significantly too...seems like a great recipe for continued underperformance. Link to comment Share on other sites More sharing options...
influx Posted November 9, 2020 Share Posted November 9, 2020 Increasing cash significantly too...seems like a great recipe for continued underperformance. Much like Berkshire, Baupost. I would think the dry powder is part of the convexity in an old fashion way Link to comment Share on other sites More sharing options...
Broeb22 Posted November 18, 2020 Author Share Posted November 18, 2020 Increasing cash significantly too...seems like a great recipe for continued underperformance. Much like Berkshire, Baupost. I would think the dry powder is part of the convexity in an old fashion way Can you explain the convexity of holding dry powder like you're talking to someone who got C's in his Econ classes? Link to comment Share on other sites More sharing options...
COBFInfinity Posted November 20, 2020 Share Posted November 20, 2020 https://www.sec.gov/Archives/edgar/data/351786/000110465919072872/tm1925242-1_ncsr.htm Page 22 shows this family office's long-term results. This is also the same family office where Chris Pavese from Broyhill Asset Management works. I wonder how he squares this long-term performance with his letters which paint a picture of success protecting investor capital. 4-5% long-term...not so hot Protecting capital and growing capital are two different things. Not sure what the performance has looked like during actual market drawdowns, but since the worst annual return was -2%, it seems reasonable to argue that the capital has been protected so far. Now, whether the growth has been sufficient for the strategy, I don't know enough about it. Link to comment Share on other sites More sharing options...
influx Posted November 30, 2020 Share Posted November 30, 2020 Increasing cash significantly too...seems like a great recipe for continued underperformance. Much like Berkshire, Baupost. I would think the dry powder is part of the convexity in an old fashion way Can you explain the convexity of holding dry powder like you're talking to someone who got C's in his Econ classes? Sorry, my bad. I meant when the market goes down, I either buy the beaten down equity or buy call options and you get convex exposure. I didn't mean convex per se, but convex relatively to a crisis event (liquidity is what is the problem, most of the time) Link to comment Share on other sites More sharing options...
Broeb22 Posted December 15, 2020 Author Share Posted December 15, 2020 https://www.sec.gov/Archives/edgar/data/351786/000110465920135621/tm2038426d1_ncsr.htm#sp1_001 More outstanding(?) performance from Chris Pavese and Broyhill Asset Mgmt. https://www.broyhillasset.com/2020/12/10/value-returns/ All of his original updates here on the market. Maybe I'm biased but the performance that BMC Fund is generating is very unappealing. No wonder you don't see Chris talking about his performance anywhere, because it's not very good. Link to comment Share on other sites More sharing options...
Broeb22 Posted February 23, 2021 Author Share Posted February 23, 2021 https://www.broyhillasset.com/wp-content/uploads/2021/02/The-Broyhill-Letter-2020.Q4.pdf I wonder how they did. Weird symmetry with Greenwood not discussing returns either. Link to comment Share on other sites More sharing options...
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