Necessary, Normal, and Inevitable – 2019 August Research Letter

Recessions become self-fulfilling prophesies late in an economic expansion at a point when people finally start believing and acting like one is imminent. It is particularly true when asset bubbles are present…. Read the letter»

2 of World’s Top Funds in 2018 per Bloomberg

“As the dust settles on a troubled year for hedge funds, some managers escaped the wreckage and even thrived.” Read More»

CIO Kevin Smith Interviewed on Bloomberg TV

Crescat’s Chief Investment Officer Kevin Smith discusses global economy and Canadian housing bubble. Watch the Video»


Crescat is a global macro asset management firm. We develop tactical investment themes based on proprietary value-driven models. Our mission is to grow and protect wealth by capitalizing on the most compelling macro themes of our time. We aim for high absolute and risk-adjusted returns over the long term with low correlation to benchmarks.

Crescat’s firmwide global macro investment process applies to three Crescat strategies:

Crescat Global Macro: Crescat’s flagship cross-asset hedge fund strives to capitalize on macro themes globally across all major liquid asset classes including large- and mid-cap equities, commodities, currencies, and fixed income.

Crescat Long/Short: Crescat’s long/short equity hedge fund strives to capitalize on macro themes globally across liquid large- and mid-cap equities.

Crescat Large Cap: Crescat’s separately managed account (SMA) strategy strives to capitalize on macro themes globally through an actively managed, long-only equity portfolio of large cap equities. The strategy can also hold cash and precious metals.

We invite you to peruse our website for more information about our investment process, performance, investment outlook, and how to become a client.

Important Disclosures

This is huge.

30-year yield vs. core CPI at its lowest level since 1980s!

10-year real yield?

Plunging as they did in mid & late 70s!

LT yields near record lows.
Inflation at a decade high.
Central banks easing massively.

Risk parity at risk?
All bullish for gold.

$NFLX is a must watch.

Now diverging 25 pct pts from Nasdaq!

It’s the first FANG stock...

1) below its 200 DMA;
2) with a death cross set up;
3) breaking down from a multi-year support;

Is this an inflection point for stocks?

Still trades at 106x EV to FCF estimate for 2022!

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