Greenhaven Road Capital Q2 Investor Letter

Greenhaven Road Capital recently released its Q2 investor letter (you can down a copy below). The fund appreciated in excess of 1% for the second quarter, net of all fees and expenses, and was up approximately
9% through June 30th.

“I remain confused by some of the policy decisions our current administration is making. It strikes me as unusual to cut taxes and raise deficits in a period where unemployment is below 4%. Similarly, provoking trade wars would not be my first agenda item if granted power for a day. That being said, we have a healthy economy and a portfolio of companies that have the opportunity for revenue growth, margin expansion, and multiple expansion over time. We will continue to invest with a long time horizon, and we will continue to invest like it is our own money – because it is. Thank you for the opportunity to grow your family capital alongside mine,” Scott Miller, the founder and portfolio manager of Greenhaven Road Capital, stated in the letter.

Top five positions were Fiat Chrysler, ETSY, TripAdvisor, EnviroStar, and Ashford.

You can download a copy of the letter here.