Interesting Reading #1

While this substack will continue to be mainly focused on investment thesis and business model analysis, I’m starting a series of articles in order to gather thought-provoking articles, letters and reports (generally about investing) that caught my attention and that could be interesting for other investors.

These are some of the pieces that I have found interesting in the last weeks:

Turtle Creek 2023 Letter to Unitholders

Turtle Creek is a Canadian asset management firm that makes available one of the most interesting investor letters, always full of insights about the way they manage their portfolios.

In their last annual letter they provide a great explanation about how ‘inefficient’ the stock market is in the short term and how they take advantage through “time arbitrage“. In other words, how speculation works in their favor, making prices often be disconnected from fundamentals, and how investors can take advantage with a longer term view.

LINK HERE: Turtle Creek 2023 Letter to Unith…