Q1 -2023 Letter to Investors: In which the rise of AI stocks testifies to the importance of patiently investing in secular trends.

In which we look back on the past few years, which many have described as “among the most challenging economic periods on record.” And, in which, we declare our optimism for the not-too-distant future.

In which, the fund outperformed the S&P 500, by losing less. Here is how and why we are investing into a market that we expect is in a broader downtrend.

In which we find our greed amidst the fearfulness of others.

In which we consider how to deploy newly raised capital into a highly uncertain market wherein investor fears of inflation and recession have led to dangerous overcrowding in the traditional safe harbors for investment.