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FPA CRESCENT FUND LETTER TO SHAREHOLDERS

davfordavfor
in Fund Discussions
One short excerpt that speaks to current market conditions:
When money costs almost nothing, or even less than nothing, it perverts price discovery. If there is no cost of capital, then one theoretically can pay an infinite price for assets, which creates a difficult backdrop for investors such as ourselves who insist on a margin of safety.
https://fpa.com/docs/default-source/funds/fpa-crescent-fund/literature/fpa-crescent-fund_semi-annual-report_6-30-20_web-ready.pdf?sfvrsn=4






Comments

  • WABACWABAC
    That's one reason I'm in no hurry to buy anything.
  • Sven
    It would be a good idea to spend the upcoming Labor Day weekend to review your holdings, reassess the risk and make plan accordingly.
  • CrashCrash
    WABAC said:

    That's one reason I'm in no hurry to buy anything.

    truth.

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