First Quarter 2011 Update: A Nuthatch Concept™

Nuthatch ConceptIn the last two quarterly letters I highlighted “compounding” as our overarching goal and described how we think about “expected return”. More specifically how IRR is the common and universal language we use to evaluate investment opportunities. This quarter I want to highlight the compounder category of the three investment categories we define: compounders, transformations, and workouts. The compounder category has historically made up a disproportionate number of our portfolio positions, and for good reason… View PDF