Greenhaven Road Capital Q4 Investor Letter

Greenhaven Road Capital recently released its Q4 investor letter (a copy of which can be downloaded below). The hedge fund gained approximately 7% on a net basis in the fourth quarter, bringing 2017 cumulative returns net of fees and expenses to approximately 48%. In the letter, the fund said:

In 2017, the S&P 500 was up 12 months in a row, but our partnership was not. We are trying to buy companies where we look at the long-term risk/reward equation and say “this is so favorable that it...