Investor Letters

Letters through May 31, 2024

1 letter reporting on the period ending May 31, 2024, in each firm's own reckoning.

Bireme Capital May 2024 Investor Letter Bireme Capital added materially to Disney, arguing that its Experiences business supports much of the enterprise value while streaming profitability and rebundling create additional upside. The firm shifted its short book away from meme stocks after covering Trump Media and GameStop, and expanded long investments outside the United States, particularly in Japan. first five months of 2024 DIS $180BDJT $2.3BGME $13B