Do you have the rarest skill in investing?

Packer & Co. is an Australian based investment firm. They received some media attention recently, thanks to a blunt assessment of the Australian economy (more on that later).

I checked out their website and was surprised to find half-yearly investor letters since 2008, with both thematic commentary and detailed portfolio breakdowns. They have also uploaded their Pre-Financial crisis (2007) and Pre-Tech Crash (1999) letters which are worth reading.

After working my way through 5 to 10 of these letters, it became clear that Packer & Co seem to have one of the rarest skills in investing. Many people think they have it, but few really do. Continue reading