ECP | Luxemburg, 06.12.2019
A year ago, we published a morning coffee with the title “No chocolate for St Nicolaus” where we made the point that value investors had been voted down by Mr Market and that the value investment style had generated significant losses in 2018, more than we would have expected from an investment approach putting preservation of capital and valuations in the foreground of its analysis. Therefore, we would not receive any chocolate for St Nicolaus, a local habit where the children who behaved well receive candies and gifts. How about 2019 ? Did value investors behave well and should be rewarded ?
Mit freundlichen Grüssen aus Luxembourg
Léon Kirch, CIO & Partner
