Jacques Berghmans' letter - 1st quarter 2019

After a difficult 2018, the world equity market started to rebound in 2019, a pattern I have seen multiple times over my forty years of investment career. Probably as a result of this regular pattern, I am often faced with the questions ‘Is it the right time to invest in the stock market?’ and ‘Why couldn’t you predict this crisis and sell your positions?’ I think that the best answer to these questions is that we live in a world of permanent latent crisis but also progress, which makes it impossible to build a reliable track-record of predicting short-term market crashes. At any point in time, there are a number of economic pain points, which if unresolved could snowball into a crisis. However, generally these get solved with the crisis averted.

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1Q19 Manager's Letter JB.pdf

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