CRESCAT CAPITAL QUARTERLY INVESTOR LETTER Q2 2020

Tavi Costa and Kevin Smith et. al. of Crescat Capital are out with their Q2 letter to investors. Their new fund has seen stellar returns so far with the help of Dr. Quinton Hennigh.

Highly recommended reading:

“A New Bull Market for Precious Metals

Central banks are facing a serious predicament. After decades of ongoing accommodative monetary policy, the world is now sitting at record levels of debt relative to global GDP. In our view, there has never been a bigger gulf between underlying economic fundamentals and security prices. We are in a global recession, but equity and credit markets still trading at outrageous valuations. Markets are trading on a perverse combination of Fed life support and rabid speculative mania. Meanwhile, demand for gold and silver, which is fundamentally cheap, is starting to take off as central banks are engaged in new record easy monetary policies. Ongoing easy monetary policies in the face of today’s asset bubbles in stocks and fixed income securities has a high probability of leading to a self-reinforcing cycle that drives investors out of these over-valued asset classes and into under-valued precious metals. Here are just some of the reasons Crescat is selling richly valued stocks at large and buying undervalued gold and silver including mining companies today…”

CLICK HERE to read the full investor letter.