Plus ça change, Plus c’est la même chose (The more things change, the more they stay the same) —Jean-Baptiste Alphonse Karr

As we turn our sights to the final quarter of the year, there is an ever-growing list of headwinds that seeks to derail the already feeble economic growth. The potential for rising interest rates and oil prices, global unrest and, of course, the pending US election all highlight the current investing anxiety. Uncertainty has always been a variable when investing. Most of the time, the presence of uncertainty is shrouded in a cloak of optimism and hidden from plain view. However, one needs to be mindful that uncertainty is also the catalyst for investment opportunity and, without it, life would be predictable and markets efficient. Even though Hazelton Capital Partners is less than inspired about the current market conditions, the Fund remains optimistic about our portfolio holdings. It is important to remember that our current cash position is less a reflection of our overall macro view of the economy and more a reflection of the opportunities we are finding in the market. With that in mind, our list of potential investments has been growing over the past few months and Hazelton Capital Partners stands ready to deploy its cash.

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This post has been excerpted from a letter to partners of Hazelton Capital Partners.

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