Several quick notes before updating you on Tarpon:
Now, on to Tarpon.
Below is the intro to this quarter's letter, followed by a link to download the full PDF.
Thoughts on the Year-to-Date:
To those of you who have not looked at your account performance for a few months:
Congratulations. Good call.
The spring of 2020 was brutal for the energy sector in particular. An oil price war started during the arrival of the coronavirus pandemic was exacerbated by a technical anomaly in a popular oil trading product. On April 20th, those events culminated in the price of WTI oil hitting negative $38 a barrel.
Energy stocks got crushed. Tarpon was not spared.
The good news, however, is this:
Through last Friday, the Tarpon Folio, on an unaudited basis, is now up 0.63% on the year, compared to the S&P 500, which is down 0.3%.
We’ve had a significant rally off the lows of late March. I am particularly pleased with the changes made to Tarpon during the spring chaos. We appear to be through the worst of it, finally, and have a long runway in front of us – though it’s going to take time.
To download and read the rest of the letter...
Click Here For The Full PDF
Please let me know if you have any questions.
Yours in Quarantine,