Greystone Capital Management, an investment management company, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the return for separate accounts managed by the firm was -11.4%, net of fees compared to S&P 500’s and Russell 2000’s returns of -3.2% and -5.1%, respectively. Client portfolios are invested in small companies outside of major indices, resulting in returns that differ from those indices. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greystone Capital Management highlighted stocks like Polished.com Inc. (AMEX:POL) in the third quarter 2023 investor letter. Headquartered in Brooklyn, New York, Polished.com Inc. (AMEX:POL) is an e-commerce platform. On November 1, 2023, Polished.com Inc. (AMEX:POL) stock closed at $1.7500 per share. One-month return of Polished.com Inc. (AMEX:POL) was -53.76%, and its shares lost 93.28% of their value over the last 52 weeks. Polished.com Inc. (AMEX:POL) has a market capitalization of $3.691 million.
Greystone Capital Management made the following comment about Polished.com Inc. (AMEX:POL) in its Q3 2023 investor letter:
“We sold out of our position in Polished.com Inc. (AMEX:POL) this quarter, closing the chapter on an incredibly unsuccessful investment. Following the year-long period during which the company attempted to get current on their financial filings dating back to Q2 2022, the company finally released their financial statements only to reveal an over-levered, significantly declining business that had been mismanaged all the way back to our initial investment.
I am more than glad to be moving on from this business. There are significant lessons to be taken from investment mistakes, which unfortunately, can be great teachers. The mark of a good portfolio manager is one who learns from mistakes, and ceases making the same ones repeatedly. I will do my best to avoid a similar fate going forward. For the sake of brevity, I’ve emailed clients separately my thoughts regarding our position.”
Polished.com Inc. (AMEX:POL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held Polished.com Inc. (AMEX:POL) at the end of second quarter which was 9 in the previous quarter.
We discussed Polished.com Inc. (AMEX:POL) in another article and shared the list of best nano cap stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
