Once in a while, I come across investor letters which gives me brainfood to think. Today, I came across yet another one from Greenhaven Road Capital.
Here are a few excerpts I liked:
This point has been circling on my mind lately. The cacophony of narrative that we get to hear (not just from politicians whose primary job is to sell hopium) but also from many marquee market participants about India becoming a $5 tn / $10 tn / $30 tn economy over the next decades when projections few quarters down the line is difficult, if not downright impossible in today’s world.
So in such times, we as fundamental investors need to follow the evidence…
Finally, we should not forget that tomorrow’s results are being baked today. For larger companies, it will take 2/3 years, while for smaller units, 1-1.5 yrs.
So it becomes all the more important for fundamental investors like us to learn as much about the companies we own, the narratives that mgmt teams are sharing, and execution prowess demonstrated YoY (if not QoQ) to enjoy long-term compounding stories.
Do share such insightful investor letters if you’ve come across…
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