Greenhaven Road Capital Q4 Investor Letter

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 just makes no (insert expletive) sense.” However, just buying into favorable risk/reward situations does not mean that as soon as we start buying the shares, the price will begin to reflect the...