Investor Letters

Letters through March 31, 2022

1 letter reporting on the period ending March 31, 2022, in each firm's own reckoning.

Greenhaven Road Capital Q1 2022 Greenhaven Road Capital added to PAR Technology and Teladoc Health while defending KKR, Elastic, and Digital Turbine as businesses whose fundamentals remain intact despite multiple compression. The fund also established a cannabis-stock basket, arguing that federal restrictions and fragmented state licensing create mispriced, cash-generative U.S. operators. first quarter -26.5% APPS $1.3BESTC $8.9BKKR $96BPAR $804M