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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Resilient Asset Management 2023 Q4 Investor Letter | Buyside Digest

Back to Fund Profile (Resilient Asset Management)

Primary Source Intelligence • Q4 2023 Letter Analysis

Resilient Asset Management Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Resilient Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Positioning StanceConstructive

Market CapLarge Cap

GeographyUS

Digest Analysis

Quick Take

"Flis celebrates 2023's 24% S&P 500 recovery driven by Magnificent 7 tech stocks while emphasizing long-term thinking over short-term predictions."

Executive Summary

Christopher Flis reflects on 2023's remarkable market turnaround, with the S&P 500 gaining over 24% after 2022's 19.64% decline, driven largely by the Magnificent 7 technology companies. He emphasizes that few predicted this recovery, reinforcing his core belief in maintaining confidence in equity markets rather than succumbing to doom predictions. The letter centers on the critical importance of long-term thinking, illustrated through two compelling examples: the St. Louis Spirits ABA team that negotiated perpetual media rights worth over $500 million versus Kentucky's short-term $3.3 million payout, and his personal marathon journey from being out of breath climbing stairs to completing four marathons. Flis acknowledges uncertainty about 2024 Fed policy and market direction but maintains great optimism while focusing on controllable factors like professional performance, spending, savings, and risk management. He warns that no company remains dominant forever, citing former giants like IBM, Intel, and Cisco, suggesting current market leaders may eventually face similar challenges.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

45%

CautiousHigh

Moderate (45%)

The letter is philosophical and process-focused with no specific holdings discussed or portfolio positioning described. While the manager expresses strong conviction about long-term thinking as a philosophy, no individual positions are named or sized, capping the score below 0.50.

Growth Outlook

75%

BearishBullish

Bullish (75%)

The manager expresses strong optimism about 2024 and celebrates 2023's remarkable market recovery. He emphasizes maintaining confidence in equity markets and dismisses doom predictors, though acknowledges uncertainty about specific policy outcomes.

Risk Appetite

50%

DefensiveAggressive

Balanced (50%)

No specific positioning or risk appetite changes are discussed. The letter focuses on philosophy and market commentary rather than portfolio adjustments or exposure levels.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No information provided about cash levels, position additions, or capital deployment activities. The letter is entirely focused on market commentary and investment philosophy without discussing specific portfolio actions.

Forward Guidance

25%

CautiousExpansionary

Cautious (25%)

While optimistic about 2024, the manager explicitly states he has no clue about Fed policy, recession likelihood, or market direction. He focuses on controllable factors rather than deployment intentions.

Language Signal

50%

BearishBullish

Balanced (50%)

Language is balanced between celebrating 2023's recovery and acknowledging future uncertainties. Positive terms like 'great optimism' are offset by admissions of uncertainty about market direction and policy outcomes.

Perceived Risk

15%

Low RiskElevated

Low Risk (15%)

Risk discussion is minimal and largely dismissive. The manager briefly mentions that recessions and market corrections will come and go but immediately reframes this as normal market cycles rather than concerning risks.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

The manager expresses confidence in equity markets and celebrates 2023's recovery, suggesting a constructive view of opportunities. However, no specific sectors or ideas are highlighted as particularly attractive.

Time Horizon

80%

Short-TermLong-Term

Decade+ (80%)

The letter heavily emphasizes long-term thinking with multiple examples spanning decades. The manager discusses working with clients 'in the decades to come' and uses examples like the ABA deal spanning 40+ years, indicating a genuinely long-term perspective.