greatrotation
Crescat Capital’s commentary for the month ended December 2021, the year of the great rotation. Q3 2021 hedge fund letters, conferences and more The Year Of The Great RotationWelcome to 2022. More than ever, we believe it is time to get out with the old and in with the new. At Crescat, we believe investors today face a twofold problem: 1. The imperative to not get sucked into a financial asset bubble destined to implode.2. The need to outpace structurally rising inflation. Starting from historically stretched valuations, inflation is the catalyst that can and should both crush price-to-earning...
ValueWalk
Crescat Capital’s commentary for the month of November 2021, discussing the catalyst for the great rotation. Q3 2021 hedge fund letters, conferences and more The Catalyst for The Great RotationBased on the firm’s current equity and macro models, and our investment team’s analysis, we believe we are in the explosive first wave of an inflationary cycle in the US and globally that will elevate consumer prices at a much higher annualized rate and for significantly longer than priced into financial markets today. The factors driving our view include structural shortages in primary resource industri...
ValueWalk
Crescat Capital’s commentary for the month of July 2021. Q2 2021 hedge fund letters, conferences and more Crescat Precious Metals Fund's July Performance UpdateWe are excited to report that Crescat’s newest hedge fund, the Crescat Precious Metals Fund just finished its first full year with exceptionally strong results. The Crescat Precious Metals Fund was up an estimated 235.4% net in its debut year compared to a 5.8% decline for the benchmark Philadelphia Gold and Silver Index. Spot gold was down 8.2% over the same time frame, while silver was up 4.5%. Thanks to our friendly-activist explorat...
ValueWalk
Crescat Capital commentary for the month of March 2021, titled, “A Collision of Macro Narratives.” Q4 2020 hedge fund letters, conferences and more Dear Investors: Two diverging schools of macro thoughts are prevalent today. One calls for a “Roaring 20s” redux while the other believes in a forthcoming liquidity crisis. Both narratives have valid points and flaws. To be clear, we find ourselves right in between the two. Let us elaborate. The central argument of the reflationary thesis is that a pent-up demand from consumers will likely cause explosive growth in the economy similar to the early ...
ValueWalk
Crescat Capital commentary for the fourth quarter ended December 31, 2020, discussing that gold and silver mining companies now trade with a higher free cash flow yield than tech stocks. Q4 2020 hedge fund letters, conferences and more Dear Investors: Crescat finished strong in 2020 to capture the top three spots in the Bloomberg News US hedge fund performance table for December. All three Crescat funds made it into Bloomberg’s top 10 for the full year with the Crescat Precious Metals Fund taking the #1 spot. We are working as hard as ever to continue to deliver in 2021. We see an incredible m...
ValueWalk
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