The annual letter to shareholders is now available on McElvaine Investment Management's site. In addition to the annual report letter, you can get Tim McElvaine's "We Are Here" sheet for the first quarter of 2009.
McElvaine free admits to having had a brutal 2008. But he has the vast majority of his net worth invested alongside his investors. So, as he puts it, he's their partner not a pimp.
McElvaine keeps a low profile -- even lower than Francis Chou in many ways. He is most famous (if he would use that word) in value investing circles for his time spent with Peter Cundill. His profile is lower here in the US than Canada because Canadian mutual funds aren't open to US residents (whether that's a US thing, or Canadian thing, or both I don't know offhand). If I ever gave up investing in stocks myself and go the mutual fund route, I'd love to invest with McElvaine and Chou, believe me.
Anyway, the recent markets haven't been kind to him -- or Chou or Mason Hawkins or most stock market pros. Yet, even though the future is unknowable, I think it is safe to assume McElvaine and all these folks will do well over time.
I highly recommend the letter. It's not the "War and Peace" lengthy letter Warren Buffett pens every year, but still well worth your time.
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