2011
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Investor Letter 2011
The NAV of Business Owner was EUR 153.70 as of 31 December 2011. The increase in NAV was 6.5% since the start of the year and 53.7% since inception on 30 September 2008. In 2011, the DAX was down 14.7%. Since inception of the fund, the Dax is up 1.2%.
It is gratifying that in a year where most international stock exchanges were down, the fund was up almost 7%. However, it is important that you understand that this was down in large part to good luck.I have neither the ability nor the aspiration to avoid down years, which from time to time are inevitable due to the randomness of share price developments over short periods of time. I write this not out of false modesty, but because I hope to have credibility when, faced with a down year, I put it down to bad luck.The reason for this is simple: when markets are in the doldrums, I want to be merrily buying shares at bargain prices, not selling them to meet redemption requests from disenchanted investors.
For more details please download the pdf here.
