As September ended, so did the third quarter with diverging global financial markets: US stock indices marched to new highs while global stocks ex-US headed sharply downward. Emerging market currencies also faltered.

Longest bull market ever. Two trillion-dollar companies. Now you can add strongest rally ever during a tightening cycle to the list of milestones for U.S. stocks.

China equity and yuan shorts worked well for Crescat’s hedge funds in July although US equity shorts and the gold longs held back the performance. We expect US equity shorts and gold longs to be changing soon in our favor.

Both Crescat Hedge Funds were highlighted among the top performing Funds in the June Bloomberg Hedge Fund Brief.

In our last quarterly letter, we showed five macro imbalances that were setting the Chinese yuan up for a substantial and imminent devaluation. Since then, our yuan devaluation theme has indeed started to play out again, like what began in 2015.

We strongly believe that the global macro investment cycle is turning down right now and that it is a critical time to take investment action if you are not already prepared.

Crescat’s hedge funds and long-only strategy performed well in May as cracks began to show in global financial markets.

Crescat Global Macro Fund was ranked #1 in the Macro category for February 2018 performance.

Crescat Global Macro and Long/Short hedge funds were featured among top hedge fund performers for February in the Bloomberg Hedge Fund Brief.

All Crescat strategies have outperformed the market significantly during the recent decline.

Kevin Smith expressed Crescat’s outlook on China in a recent Bloomberg Markets Magazine.

Crescat’s Chief Investment Officer Kevin Smith discusses his outlook on China’s Currency and Credit issues.

Investors today are the most net long and the most bullish they have ever been. These set-ups happen but a few times in a hedge fund manager’s career.

As we showed in our recent quarterly letter, there are numerous parallels in the market today to 1929 and other historic market peaks. It is times like now, that the financial success story of Joseph P. Kennedy should be particularly inspiring.

In our most recent quarterly letter, we show the overvaluation of US large cap stocks across six comprehensive dimensions.

Crescat’s Chief Investment Officer Kevin Smith will speak at the World Wealth Creation Conference in Singapore on November 28, 2017. Watch the conference promotional video.

Crescat’s Chief Investment Officer Kevin Smith discusses his outlook on China’s Currency and Credit issues.

Crescat’s China Currency & Credit Bubble thesis was featured in Bloomberg, including quotes from CIO Kevin Smith.

By keeping interest rates on the world reserve currency too low for too long, the Federal Reserve has created speculative asset bubbles in far-reaching areas of the globe.

Crescat Large Cap Composite earned a 5-Star Overall Morningstar Rating™ as of 3/31/17. See Morningstar Disclosures.

Kevin Smith and the Investment Team outline our Q4 2016 attribution and 2017 outlook.

Kevin Smith was interviewed on Crescat’s recent positioning and outlook.

Crescat’s Kevin Smith was recently featured on CNBC’s Halftime Report, where he discussed our views on China

Crescat’s Chief Investment Officer Kevin C. Smith was featured in Barron’s for a hedge fund profile. In the article, Kevin discusses our recent success with our China Currency and Credit Bubble Theme, as well as the origins of the firm and our proven investment process.