East 72 is a Sydney, Australia-based unique publicly traded investment company that was launched in 2016. Its forming resulted from the recapitalization of the NSX listed shell company Australian Premier Finance Holdings Limited. East 72’s executive director is also one of its largest shareholders, Andrew Brown, who has 35 years of professional experience in investing. Recently, the company released its Q1 2019 Investor Letter, which you can download below.
Among other things in the letter, Andrew Brown wrote:
“We view the March quarter as a “relief rally” where central bank liquidity has once again reduced equity volatility. In turn, this has encouraged more aggressive speculation and a re-rating of back to (and above) September 2018 levels. With S&P500 at ~17x forward earnings –which are now generally in a downward revision phase –and with very optimistic looking +11% estimates for FY 2020, we believe a real “divergence” opportunity between “value” and “speculative growth” exists, and are positioned accordingly.”
If you are interested you can download a copy of East 72’s Q1 2019 Investor Letter below: