Askeladden Capital Q3 2018 Letter: 5 Counterintuitive Lessons From 5 Years Of Professional Investing

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Includes: BOOM, KFY, WIN, ZIXI
by: Askeladden Capital
Summary

Askeladden Capital Management is the investment advisor to a concentrated, long-only small cap fund and separately managed accounts.

On the surface, not much has happened during Q3; as of 9/30, our performance was roughly in line with performance at the end of Q2.

An early mentor once pointed out the difference between 5 years’ experience and repeating one year’s experience five times. Today, I’m happy to share 5 lessons I’ve learned over the past 5 years, told through the lens of mental models.