Annual Investment Letter
August 16, 2015
[The following is the greeting only. If interested, please find the full letter by clicking the PDF below.]
As predicted, thus far the structure of the letter writing process has been highly iterative. My initial goal was to write a quarterly letter, but quickly found out that is operationally impractical. After writing two investment letters since June 15, 2014 inception – an ‘official’ letter in November 2014 and an ‘interim’ letter in March 2015 – I have landed on the following structure: an annual letter sometime in the July/August time frame, and at least one interim letter in between contingent upon market and/or portfolio events. Timing of the annual letter is simply due to the date of inception, which allows me to present performance using whole years; while the flexibility of interim letters allows me to update portfolio positioning around key market or performance turning points.
For new followers, 17 Mile is a personal investment diary designed to document my investment process and performance. With the ultimate goal of one day launching a fund, I made 17 Mile public in order to exert maximum process and performance pressure on myself. I manage the portfolio as if it was a $1B+ hedge fund comprised of institutional LPs with 5% to 10% of their assets in the ‘fund’…not grannie with 100% of her net worth. In the 2015 Reintroduction & Review I said: “I view my approach as Soros/Druckenmiller-style aggressiveness + Loeb-style ‘events’. I know it is aggressive, but it is the only way I know how to invest – it ‘fits my eye’, in other words.” The following analysis should be viewed within this context.