Q4 Letter - 2020

The struggles of 2020 flooded into 2021 as the deadly virus continues to spread, and now our American Republic is being tested in ways we have never before experienced.

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Mirador
IPO and SPAC Frenzy

As long as there is enough liquidity in the private markets, and putting aside the widespread marketing that accompanies a traditional IPO, there aren’t many other compelling reasons why a growing company with a promising future would choose to go public. So why has this trend suddenly reversed in 2020? Why are companies suddenly choosing to go public rather than stay private?

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Mirador
Small Business Optimism Index

The September Small Business Survey report by the National Federation of Independent Business (NFIB) reflects a newfound degree of optimism amidst the uncertainty headed into the final quarter of 2020.

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Mirador
Market Fragility

An important metric we track is the spread between equity valuations and treasury yields. We often leverage this spread as a relative valuation tool, allowing us to quantify the incremental risk investors take on when moving up the risk asset curve and investing in stocks.

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Mirador
Q2 Letter - 2020

Despite the 3,600 businesses that have filed for Chapter 11 bankruptcy and 40 million who lost their jobs, the CARES Act has made the individual consumer filthy cash rich.

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Mirador
2020 Perspectives on the Tri-Valley: Charting a Path Forward

Last year, Tri-Valley companies, as measured by the Mirador Tri-Valley Index, produced an outstanding return of 33%, venture capital funding was close to $400 million and the Tri-Valley saw the arrival of 1,131 new businesses. Although 2020 is painting quite a different picture, Tri-Valley companies are continuing to outperform the market as a whole.

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Daniel Potts