Investor Letters

Letters through June 30, 2022

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

Bireme Capital 2Q22 FV Quarterly Report Bireme Capital argues that persistent inflation, tighter policy and falling corporate profitability leave risk assets exposed to further declines. The portfolio retained HCA Healthcare as a core long, covered shorts in Affirm and Skillz, and remained short fuboTV, GameStop and MicroStrategy. 2Q22 -1.4% AFRM $26BFUBO $1.1BGME $8.1BHCA $88B