Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

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...