Mar Vista Investment Partners Q4 Investor Letter

"In 2017, we estimate that our stable of businesses grew intrinsic value ~12-14% which was a bit faster than anticipated given the more favorable economic environment. The corporate tax rate reduction added about 5% to fair value across our portfolio so total intrinsic value increased an estimated 17-19%. Our 26% total net return outpaced intrinsic value growth, so our margin of safety compressed...