Greystone Capital Management, an investment management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the return of different accounts managed by the firm ranged from +5.0% to +19.9% compared to +7.5% and +6.2% returns for the S&P 500 and the Russell 2000 Index, respectively. The median account return for 2022, was -29.3%, net of fees. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Greystone Capital Management highlighted stocks Polished.com Inc. (NYSE:POL) in the Q4 2022 investor letter. Headquartered in Brooklyn, New York, Polished.com Inc. (NYSE:POL) is an e-commerce platform. On February 3, 2023, Polished.com Inc. (NYSE:POL) stock closed at $0.7379 per share. One-month return of Polished.com Inc. (NYSE:POL) was 40.69%, and its shares gained 63.11% of their value over the last 52 weeks. Polished.com Inc. (NYSE:POL) has a market capitalization of $77.648 million.
Greystone Capital Management made the following comment about Polished.com Inc. (NYSE:POL) in its Q4 2022 investor letter:
“It would be difficult to describe our investment in Polished.com Inc. (NYSE:POL) as anything other than a disaster up to this point. Polished was our worst performing position during the year. Other than what has been shared in past letters and separate emails with each of you, there is little else to say at this stage other than sometimes the restatement of financials in conjunction with onboarding a new auditor takes considerable time to complete. I’ve lived through similar situations in the past that unfortunately were handled much better than the way Polished has navigated this situation during the past 6-7 months. Fortunately, it seems as though the end is near. The board has targeted the end of Q1’23 to file their long awaited 10K for FY22 as well as get current on their past due financials.
Last quarter I talked about the ongoing internal investigation that was being conducted into claims made by former employees. The company released the results of their investigation in December and among other things put to rest any concerns that fraudulent financial activity was taking place. Chief among the findings included CEO Albert Fouerti expensing less than $1.0mm in personal charges to company accounts along with improper inventory management practices that led to some labor related issues. Both Albert and CFO Maria Johnson have stepped down, clearing the way for interim CEO Rick Bunka to move forward in the role, with a very large success fee if a change of control is executed during his tenure. Albert also personally footed the nearly $4.0mm bill for the investigation…” (Click here to read the full text)
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Polished.com Inc. (NYSE:POL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Polished.com Inc. (NYSE:POL) at the end of the third quarter which was 11 in the previous quarter.
We discussed Polished.com Inc. (NYSE:POL) in another article and shared Greystone Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
