- Based on what has happened during the 3rd quarter, you could say I was surprised by the magnitude of the upward march in U.S. markets, and that would be a huge understatement.
- I trimmed our stakes in ESI, TAP, CIGI, DAVA, and WFC during the quarter. Each of these had appreciated significantly since purchasing and I considered none of them except DAVA a core position at this time, though I would like to buy more CIGI and perhaps ESI in the future.
- DAVA has been a huge winner for us, up 279% from Feb. 2019 purchase to sale. I struggle to sell these, but my valuation discipline makes it hard not to.
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