Download Letter (PDF) With the Fed locked into a rate hike and quantitative tightening plan in the face of rising inflationary pressures in the US, the next several months and quarters should prove an excellent time for hedge fund short-selling strategies. Several asset bubbles already began to burst in February this year. Crescat’s hedge funds had strong absolute and relative ...

Download Letter (PDF) “Believe me: We’re in a bubble right now. And the only thing that looks good is the stock market — but if you raise interest rates even a little bit, that’s going to come crashing down. We are in a big, fat, ugly bubble. And we better be awfully careful.” -Donald Trump, September 2016 Bull markets don’t ...

Download Letter (PDF) US large cap stocks are the most overvalued in history, higher than prior speculative mania market peaks in 1929 and 2000. We prove it conclusively across six comprehensive dimensions: Price to Sales Price to Book Enterprise Value to Sales Enterprise Value to EBITDA Price to Earnings Enterprise Value to Free Cash Flow Brutal bear markets and recessions ...

Download Letter (PDF) History has proven that credit bubbles always burst. China by far is the biggest credit bubble in the world today. We lay out the proof herein. There are many indicators signaling that the bursting of the China credit bubble is imminent, which we also enumerate. The bursting of the China credit bubble poses tremendous risk of global ...