RIT Capital Partners Half-Yearly Letter.
Some clips:
"Given current stock market valuations, further market
appreciation will continue to be influenced by central
bank policy of creating money and maintaining low
interest rates. We have become uncomfortable in
participating in liquidity fueled markets and are
skeptical as to whether the current degree of investor
complacency can be maintained. We continue to
search assiduously for investment opportunities that
are likely to benefit from structural tailwinds at
attractive valuations and which are not conditional on
short-term monetary policies. The search however
has become increasingly challenging. Almost every
asset class is highly priced by historical standards at a
time when the precarious geo-political situation in the
Middle East and Russia could undermine the fragile
economic recovery which central bank policy has
helped to bring about."
" In the first part of the year
we took advantage of temporary weaknesses to
increase our holdings in emerging market-related and
Japanese securities"
"Absolute Return and Credit investments now account
for approximately 15% of our assets. Through
investing in exceptional managers, we are well
positioned to capture current structural inefficiencies
in credit markets. Our objective is for this asset class
to deliver high single digit returns."
-Jacob Rothschild
http://ritcap.hsprod.investis.com/static/cms/2/2/9/4/9/6/6/8/1/6/binary/1426198931/66348700.PDF 
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