Dear Friends,
In an increasingly uncertain market environment, where the disconnect between macro and fundamentals has become more apparent, the investment horizon seems to have been shortened to quarterly period. We have observed that one of the approaches that many investors have been taking in response to this is to piece macro events together to form an investment thesis. At Lighthouse Canton, we view this as a shortsighted approach to investing and is not sustainable if an investor is looking to create long-term wealth. We believe that a well-designed portfolio constructed with disciplined investment process and risk management should be able to generate competitive risk-adjusted returns, regardless of market conditions -an approach we strongly adhere to.
With year-end approaching, we would like to take this time to reflect on 2019, share our outlook for 2020 and discuss how our portfolios are designed to deliver the risk-adjusted returns to investors.
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