Crescat Capital Quarterly Investor Letter Q2 2020

Crescat Capital Quarterly Letter

August 28, 2020

Dear Investors:

A New Bull Market for Precious Metals Central banks are facing a serious predicament. After decades of ongoing accommodative monetary policy, the world is now sitting at record levels of debt relative to global GDP. In our view, there has never been a bigger gulf between underlying economic fundamentals and security prices. We are in a global recession, but equity …