Returns rebounded in 3Q18. My letter to clients is posted below. It includes thoughts on existing positions and two new ones towards which we've allocated some of the proceeds on the sale of Invuity (IVTY).
I briefly mentioned towards the end of the letter how helpful it's been for me to re-read Chapter 8 of the Psychology of Intelligence Analysis, by Richards J. Heuer, Jr. That chapter deals with "Analysis of Competing Hypotheses" and lays out such a simple but deep method for assessing such things. The whole book is an amazing read.