Two Letters and a Call

Here are links to a couple of letters I’ve written and a call I held for my investors during the recent market nuttiness.

Special Edition. My letter to investors from the Sunday night right after the S&P downgrade.

Special Edition Vol. II. Sent late Friday night after the end of that same week.

And here is a transcript of the investor conference call I held on the Thursday before the downgrade.

That call had actually been planned for weeks prior to the dizzying sell-off that same day, and the prices of several of our holdings had gotten beaten up pretty bad in the hours before the call (the same companies brought up in the Q&A). I’d been averaging down all day, and I think the timing of the call turned out to actually be pretty good in terms of being able to share some thoughts real-time from the front lines, so to speak. And the prices of each of those beaten up companies have since come back. So I’d like to think there was another lesson to be learned in there about not blindly following the rest of the lemmings off the cliff. The intrinsic values of our businesses have absolutely nothing to do with CDS spreads in Italy.

On the call I also talked more about our new investment in Clearwire. And based on some recent headlines, I’m not the only one to think shares were too cheap to ignore.

You can sign up to receive my letters directly here.

Disclaimer: This post in no way constitutes investment advice. Same for my Letters to Investors. My investors and I own shares in Clearwire. Commentary on this blog or my emails should never be relied on in making an investment decision.

Cale Smith

About Cale Smith

Portfolio Manager at Islamorada Investment Management.
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