Emeth Value Capital H2 2024 Letter

2025-02-10 11:00:00 ET

Summary

• I emphasize the importance of long-term results over short-term performance, advocating for a multi-year investment horizon to evaluate partnership outcomes effectively.
• Under Armour's downfall illustrates how high expectations can lead to destructive business decisions, highlighting the concept of inverse reflexivity in investing.
• Vivid Seats' strategic initiatives, including the Skybox ERP platform and international expansion, position it for significant growth despite current undervaluation.
• The potential sale of Vivid Seats could unlock substantial value, with strategic acquirers able to achieve significant cost synergies and operational efficiencies.

Annualized Net Returns to December 31, 2024 (unanualized if < 1 year, inception 12/31/2015) ...

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