Mott Capital 2017 Q3 Investor Letter

Michael Kramer’s Mott Capital released its 2017  Q3 investor letter. You can download a copy of the letter below. The boldest statement in the investor letter is the following:

“Earning began turning higher following the second quarter of 2016, at which time the earnings on the S&P 500 over the trailing-twelve-months stood at $86.92. According to S&P Dow Jones Indices, since bottoming in mid-2016, the S&P 500 earnings are expected to surge by 51 percent, reaching $131.23 for the full year 2018. On June 30, 2016, the S&P 500 stood at 2098.86 and had risen by only 20 percent, closing 3Q 2017 at approximately 2,520. The projected growth in S&P earnings suggests that the S&P 500 could increase another 30 percentage points by the end of the calendar year 2018.”

You can download the letter below:

MottCapital3Q’17