January 2026 - 3 Somethings
a brief note: Something about our fund, Something I found interesting, and Something fun
I hope your 2026 has started out well. Better late than never but nevertheless here is our 3 Somethings for January.
Tim
Something new with McElvaine Value Fund
As part of Jardine Matheson’s transition (as Chair Ben Keswick puts it) to an “engaged investor with a sharpened focus on generating superior, long-term returns for shareholders”, a new CEO was hired in December 2025. The link below has a short interview with Lincoln Pan. As mentioned previously, we exited Mandarin Oriental on JM’s acquisition of the company but continue to own Jardine shares.
Something interesting
I’m not a crypto guy but I am “impressed” with the level of confidence investors have in Tether. It’s an offshore-based entity that S&P recently downgraded to its lowest stability rating, citing a lack of transparency and “higher-risk assets.” Between The New York Times reporting on Tether’s role in global money laundering and a steady stream of headlines about their pivot into gold, mining, and AI robotics (some of which admittedly is at the corporate level) there’s a lot going on.
With the launch of a new US-regulated stablecoin and total assets approaching $200 billion, I guess my value investor “spider-sense” is just misplaced!
Something fun
If you are looking to redecorate your home and would like some of my “invisible art”, please let me know. For the right price, I am willing to also throw in a banana and some duct tape!