Investor Letters

Letters through September 30, 2022

1 letter reporting on the period ending September 30, 2022, in each firm's own reckoning.

Bireme Capital 3Q22 FV Quarterly Report Bireme Capital argues that persistent inflation and a Fed unwilling to support markets have replaced the buy-the-dip regime with a sell-the-rally one. It backed RCI Hospitality and Netflix on operating momentum and valuation, exited Tencent Music over weakening Social Entertainment and pricing pressure, and built Twitter into its largest position ahead of Musk's acquisition. 3Q22 +2.5% NFLX $511BRICK $240MTME $14BTWTR delisted