DETTA INLÄGG ÄR ETT UTDRAG UR KVARTALSBREVET JAG SKICKADE TILL PANDIUMS ANDELSÄGARE 10 NOVEMBER 2016.
During the quarter we sold our shares in Moody’s. When we bought the stock in February the market was worried about the company’s prospects and the stock seemed undervalued to us. In September the market’s view on the business and its future had changed and the stock was not undervalued anymore. We made a 42% return over 7 months which translates to 75% annualised return.
Although I always invest with the attitude that we will hold the position for a couple of years I do not mind having our investment thesis play out faster.