Another year, another letter from the good folks at Giverny.
"Since 1996, our companies have increased their intrinsic value by 983%, or close to an eleven fold
increase. Meanwhile, the value of their stocks has increased 1094% (including dividends but without
currency effects). On an annualized basis, our companies increased their intrinsic value by 13.4% and
our stock returned 13.9% per year. The similarity between those two numbers is not a coincidence (my emphasis)."
Giverny Capital Annual Letter 2014.
We are now on the final straight for the full year reporting season on the ASX for FY2015. May the odds be always on our side.
Yours One Legged