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 Fundamental Value increased its international longs, built a more conservative US short book, and made Disney one of its largest positions on the view that its parks business and improving streaming economics are undervalued. The strategy exited painful meme-stock shorts in DJT and GameStop, shifting toward valuation shorts including Apple, Costco and Cintas. first five months of 2024 -10.9% DIS $186BARKK DJT $2.4BGME $8.1B