This essay is authored by Bryan R. Lawrence, the founder of Oakcliff Capital, an investment partnership which invests in publicly-traded securities. Bryan is a member of Yorktown Partners LLC, a private equity firm which invests in energy businesses, and he serves on the boards of several Yorktown portfolio companies. He is a co-founder and trustee of Public Prep, which develops and manages charter schools in New York City. His analyses of US government finances have been published by The Washington Post.
At Oakcliff Capital, we write letters to our limited partners at midyear and yearend to talk about what has happened in the prior six months. In 2020, the pandemic massively stressed economies and financial markets and required intense attention as events unfolded. The pandemic also locked us down from most social interaction, which gave us more time to reflect in general. While our letters have often included commentary on our investment philosophy and process, our 2020 yearend letter goes deeper into our views on investing and what we have learned over the sixteen years we have been in business.
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