Received the latest Patient Capital letter this week. This is a boutique Toronto-based value fund run by Vito Maida. One of the few capital managers that didn’t get completely mauled in the 2008 Global Financial Crisis.
In itself, that’s instructive: Maida’s investing career spans over 40 years, he started Patient Capital in 2000 so he’s seen the odd bear market. Contrast with say, a Ross Gerber, who started his fund in 2010. While Gerber was somewhat of a wunderkind prior to co-founding Gerber Kawasaki, since inception his fund has only known one prevailing market condition over its entire history: straight up. So it is understandable why a Gerber would be überbullish on things like FAANGs, on Tesla, and on pot stocks.