Monthly Archives: December 2014

Update No. 194 – 19/12/14

We eliminated another two holdings this week as I seek to get our number of holdings down to a more appropriate level. We hold shares in 26 businesses after these eliminations; I still view that as too many for a properly focused fund running a small pool of capital. I will continue to focus on ensuring the largest proportion of our capital is focused primarily on the greatest risk/reward opportunities.