Dear friends, co-investors and mentors

Wishing you and your dear ones a very Happy New Year !!
Please find attached 2019 annual letter from Global Core Capital. 
2019 reminds me of a quote on herd mentality from one of my favourite book – A zebra in lion country. It read – “Most portfolio managers are intelligent, careful people who have studied their craft about as long as an airline pilot has; but in a world of instantaneous communication, when all of us hear the same news within seconds, our minds seem to leave our grey-suited bodies and well-appointed offices, and we act just like a herd of zebras who have sensed a pride of lions sneaking up on us. Wham! Off we go in an instant.
We really must be grateful that this herd mentality persists, because if it weren’t for these overreactions throwing good stocks on the bargain table, it would be a lot harder for the rest of us to make money.
2019 was apt for that quote. Although the intrinsic value of many companies increased, it was not followed by price appreciation due to herd mentality of “too much money chasing a few stocks”.
I also want to thank you all for your good wishes, mentoring and support. We hope to reciprocate your kindness in future. 
Punit Mittal
Global Core Capital

Annual letter 2017

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