2021 December USD
2021 December CAD
What Governments Want, Governments Get Dear Partners, For the month of December, the Caravel CAD fund was up 1.20%, bringing the total net return for 2021 to 30.78%. We hope to establish some credibility before getting into our 2022 outlook by reflecting on our December 2020 letter. After outpacing the major indices on an absolute and risk-adjusted […]
2021 November USD
2021 November CAD
It Never Hurts to Listen to the Smart Guys We were going to take the opportunity in this letter to reflect on 2021 and forecast how we see things in 2022. But then I happened to come across a copy of the new book by Ray Dalio, titled Principles for Dealing with the Changing World Order: Why […]
2021 October CAD
Bulls, Bubbles, and Manias For information to be most useful, it must be available when it is most valuable. Historians regularly identify market bubbles and manias, but their insights provide market participants little value after the fact. This letter will try to explain how we identify bull markets, asset bubbles, and manias. We believe each […]
2021 October USD
2021 September USD
2021 September CAD
When you don’t know what you don’t know, blindly following is hazardous. We want to offer a seasonal explanation of this investing proverb: If you haven’t spent your summers (and shoulder weekends) at a cottage in Canada, then you don’t know that lake water gets frigid in October. Since it’s not uncommon to have warm, […]
2021 August USD
2021 August CAD
When it looks easy…. It usually isn’t Dear Partners, For the month of August, the Caravel Capital Fund Ltd was up 1.51%. We are pleased to report that the Caravel Capital Fund Ltd generated its returns across a spectrum of strategies in the month of August. The merger arbitrage, alpha long/short, and warrant arbitrage strategies were […]