Long Cast Advisers Q2 2018 Letter And Thoughts On The Problems We Investors Are Trying ...
(WorldNews Health)

LCA posted negative consolidated returns in 2Q18 and YTD. I wrote some reflections in the quarterly letter, included below. I started that letter probably two months ago, and it grew (and grew, and grew) before I cut it back to the final 2,000 words. Here`s something I cut out of it, but wanted to share somewhere. It touches on the chasm between the way a sell side analyst thinks about analysis vs how a share owner thinks about value ... The things important to the sell side (typically revenue growth and margin expansion) are vastly different than what`s important as a stock buyer. My first inkling of that difference came from a client at Pyramis. He always asked good challenging questions...