3Q24 Investor Letter
“What an eventful quarter - from the unwinding of carry trade in Japan to PDD management’s infamous earnings call to China’s ministers setting up stimulus expectations. The period that followed proved to be no less unsettling – Trump won decisively with a potential red sweep; China’s National People’s Congress finally printed a fiscal stimulus number; and the cash pile at Berkshire Hathway reached 28% of NAV, the highest level since at least 1990. Although Warren Buffett wouldn’t like the title of the best market timer, his track record shows he nonetheless is one. ”