Investor Letters

Letters through September 30, 2021

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

Muhlenkamp & Company Quarterly Letter, October 2021 Muhlenkamp & Company sold Biogen after concluding its Alzheimer’s drug was unlikely to become a blockbuster and initiated a small REIT position trading near the cash on its balance sheet. The firm expects COVID disruptions, supply-chain strains and energy shortages to persist, while warning that rising long-term rates could pressure bonds and high-growth equities. 3rd quarter 2021 BIIB $34B
Palm Harbour Capital Letter 2021 Q3 | 304 KB Palm Harbour Capital added to Avid Technologies, Unieuro and Esprinet after supply-chain fears drove their shares lower, while exiting four positions and opening three. It argues OCI is entering a cash-harvesting phase, and sees Ringmetall’s certifications and local production footprint as durable advantages. The portfolio added OVS on expectations of Italian retail consolidation, market-share gains and deleveraging. third quarter 2021 0NFS 0R5R DNIYY $4B
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 $14BBOL $12BFUBO $902M