Letters to Partners – Coho Capital

Dear Partners, Coho Capital increased 6.3% in 2016 compared to a rise of 12% in the S&P 500.  Our portfolio did not participate in the post-election rally, which was led by heavily leveraged, commodity and industrial companies.  It is always nice to beat the markets, but we consider annual results short-term in nature and focus…

Giverny Capital – Annual Letter to Partners 2016

It has been more than two decades since I discovered the writings of Warren Buffett, Benjamin Graham,  John Templeton, Philip Fisher and Peter Lynch. I then decided to begin managing a family portfolio based on an investment approach synthesized from these great money managers.  By the end of 1998, after five years of satisfactory results,…