Q2 2019 Investor Letter
Each quarter, we provide updates on the market and Titan composite, discuss our Thought of the Quarter, dive into recent trading activity, and more.
Below are a few highlights from our Q2 letter. The complete letter, including recent trading activity and biggest gainers/laggards, is reserved for Titan clients only.
- Company-specific news dominated the Titan composite's returns in the quarter (vs. broad-based strength in Q1)
- We believe the market continues to shrug off concerns about U.S.-China trade tensions, a "tech cold war," and slowing global economic growth
- Expected interest rate cuts by the Fed are making stocks look attractive vs. lower-yielding alternatives like savings accounts, in our view
- Thought of the Quarter: The Math Behind Compounding (how ROIC dominates P/E ratios in determining long-term stock returns)