Our portfolio experienced higher than usual volatility last quarter, as did the broader market. MSCI India was down about 14% by the end of Feb, and then up 13% in March. China, yet again, was the scourge. In other words, if markets were to be believed, something happened China, which made things materially worse in India for two months, and then suddenly awesome in March. We wonder what that “something” was. We have looked around but haven’t found it yet. If we do, we will be sure to report it.
Notes & Letters
A collection of our thoughts, views, and excerpts from our investor letters.