2Q20 Investor Letter
“The first complete quarter since Dawnlight’s inception painted a world we’ve never seen before. Although we are not a top-down investor, an understanding of what’s going on in the world helps us assess how certain events affect the companies we invest in. As a steward of your capital, we have been relentlessly focusing on protecting our portfolio from any catastrophic events; as a capital allocator on your behalf, we want to balance the protection with the resolve to take advantage of irrational market exuberance.
The problems facing the world today is a poster child of the decisions made in the past, they emerge contingently and collectively in 2020 doesn’t mean restarting 2020 is even close to enough.”