Investor Letters

Letters through September 30, 2021

1 letter reporting on the period ending September 30, 2021, in each firm's own reckoning.

Bireme Capital 3Q21 FV Quarterly Report Bireme Fundamental Value warned that persistent inflation and a more hawkish Federal Reserve could puncture an everything bubble across equities and bonds. The portfolio added Imperial Brands and Old Republic while maintaining longs in RCI Hospitality and Bollore, and short positions in GameStop, Skillz, FuboTV and GOTU on weak economics or unsustainable valuations. 3Q21 GME $8.1BSKLZ delistedBOL $13B