Crescat December Performance Update

Crescat Capital Crescat News and Updates

January 9, 2021 Dear Investors: The Great Rotation It is time to gird for full Modern Monetary Theory. With the democratic sweep in place, we are about to experience even more of the double-barreled fiscal and monetary stimulus that we saw in 2020. Overwhelmingly today, such policies have served to incite animal spirits toward financial assets. Investors are already positioned, …

December Research Letter

Crescat Capital Crescat News and Updates

December 23, 2020 The End Game Dear Investors: Markets are cyclical. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. The setup is in place for a macro pivot in the relative performance of these two asset classes. Comparable conditions were present with the 1972 Nifty Fifty and 2000 Dotcom bubbles as we show in …

CRESCAT NOVEMBER PERFORMANCE UPDATE

Crescat Capital Crescat News and Updates

December 11, 2020 Dear Investors: From a timing perspective, the setup for selling overvalued US equities and buying undervalued precious metals today looks exceptional. The gold to S&P 500 ratio just posted its worst monthly decline in 37 years. In our analysis, this relative performance was an end of cycle move for the S&P 500 but only an early inning …

As Good As It Gets

Crescat Capital Crescat News and Updates

Dear Investors: Crescat Global Macro and Crescat Long/Short hedge funds are having a pullback month to date. We wanted to bring this to your attention because we think it presents an excellent buying opportunity for those considering adding money to Crescat for the end of this month. The opportunity is being caused by the recent run-up in equity markets. We …

Crescat November Research Letter

Crescat Capital Crescat News and Updates

Dear Investors: A Vicious Debt Spiral The structure of the global economy today is built on the incessant yet tenuous reliance on monetary and fiscal stimulus. To put it bluntly, policy makers are in a pickle. In accommodating struggling enterprises at large by piling new debt onto them, they have traded off future organic growth for economic zombification. At the …

Crescat October Performance Update

Crescat Capital Crescat News and Updates

November 14, 2020 Dear Investors: Crescat’s three hedge funds surged in October to maintain their year-to-date performance leadership within the universe of managers. The S&P 500 declined 2.4% in the same month as US election day neared. All five of the firm’s investment strategies substantially outperformed their benchmarks net of fees in 2020 and since inception. Collectively, the Crescat strategies …

The Reckoning Is Upon Us

Crescat Capital Crescat News and Updates

September 24, 2020 Dear Investors: The Reckoning Is Upon Us Decades of fiscal profligacy are culminating in an explosion of government debt that is poised to bring simmering monetary debasement to a boiling point. Central bank interventions have aided and abetted reckless government spending that has obfuscated poor underlying organic growth fundamentals. Instead of laying the groundwork for future real …