Greenhaven Road Capital’s Q1 2019 Investor Letter

Greenhaven Road Capital is a long-biased, concentrated boutique hedge fund, founded by Scott Stewart Miller. Prior to launching his own investment management firm, Scott Miller ran his portfolio in public equities for almost 10 years, outperforming the market by 1000 of basis points annually. He started his investment career right after graduating from Stanford Business School in 2000. Recently Greenhaven Road Capital released its Q1 2019 Investor Letter, a copy of which you can download below. Among other things, the fund reported return of more than 16% for the first three months of 2019.

Dear Fellow Investors,

Net returns for the partnership in the 1stquarter were in excess of 16%. Please check your individual statement as returns will vary based off of the timing and share class of your investment. As you likely remember, the end of last year was a brutal period for the partnership and for a good portion of the market. It felt like we lost money every day. When I say “we,” I really do mean we. This is not an anonymous pool of capital. My parents lost money;my wife lost money;my kids lost money,as did my in-laws, cousin, best man, college roommate, mentors, former bosses,and friends. As the partnership has grown, it now also includes people that I have never actually met in person. I knew we would encounter challenging periods eventually.What I did not know was how everybody would react. How strong would the partnership be? How patient? How much time would I spend talking people off the ledge?We have always sought to build a base of likeminded limited partners, but it can be difficult to keep your eye on the long term when the market is highly volatile today

You can download a copy of Greenhaven Road Capital’s Q1 2019 Investor Letter here:


You can also see the list of our 2019 Q1 investor letters and download them on this page.