The VN index return was –13.4% this year on the date of this letter. PYN Elite’s value has also declined by roughly 8% YTD.
Events in financial markets has been exciting this spring. The dramatic fluctuating upward and downward days were quite extraordinary, while even prime-time TV news reports kept us up to date with the slick movements in oil prices. In addition to stocks and oil, also foreign exchange rates kept seesawing faster than boats in the legendary Sulkava Rowing Race (the most famous local rowing competition in Finland).
Investor Letter 2/2020.pdf