Quarterly Commentary:
- S&P and Dow Jones Industrial had an extremely volatile Q4 2018, pretty much bringing major indices into bear market briefly before bouncing back to end the year with 4.4% loss for S&P 500 with dividend income
- We still believe that the equities in major indices are relatively richly priced, however less so after the correction. The small and mediate cap companies we are invested in, especially companies in Retail businesses are extremely undervalued and we are adding to our positions whenever appropriate.
- Entire US economy is still very strong. Therefore lots of small and medium sized businesses are the power engine now to the market and the economy.
- We expect major indices to be traded within a narrow range for quite a period of time.
- We will maintain the cash position to approximately 10%-15%, unless there are significant acquisition opportunities that demand more cash.
| Year | Main Fund (Money Weighted Return, Pre-tax) | S&P 500 Total Return | MSCI China Index |
| 2016 (Feb 3) | 16.7% | 20.1% | 16.9% |
| 2017 | 35.1% | 21.8% | 55.6% |
| 2018 | -18.0% | -4.4% | -18.7% |
| NOTE: 1. Past results do not indicate future performance. This is NOT an effort to raise funds nor this is an effort to provide investment advice in any form. 2. Minimum Account size requirement is $1M USD. Lock-out Period is 5-Year. 3. Performance of the account and Benchmark Indices are all provided by Interactive Brokers, without any modifications or adjustments |
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