I recently read a few investor letters from Q2. Notes are below. General takeaways are as follows:

Themes:

• Consider the unequal weighting of indexes (see: Murray Stahl)
• Enthusiasm with housing sector and REIT / MLP spinoffs due to low tax rate environment; see: Sears (Seritage Growth Properties, product of REIT spinoff)
• REITs and infrastructure investments (warehousing, logistics, containers) will play significant roles in China / Brazil. Oversold due to recessionary environment; could pose an investing opportunity for key players in space (Global Logistics Properties, China; Santos Brazil)
• India is a sleepy, potentially huge emerging markets investment opportunity (primarily with respect to automotive industry, fewer than 2% of citizens own cars); see: Suzuki
• Increase international exposure (US overweight); many opportunities in Europe, primarily in automotive and manufacturing (Rolls Royce)