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 […]
2021 July USD
2021 July CAD
Patience is not the ability to wait but the ability to keep a good attitude while waiting. Dear Partners, For the month of July, the Caravel Capital Fund Ltd was up 0.22 %. The number above requires more than just a review of what we did in July. We believe it would be more valuable […]
2021 June USD
2021 June CAD
The stock market can remain irrational longer than you can remain solvent. – John Maynard Keynes Dear Partners, For the month of June, the Caravel Capital Fund Ltd was up 1.54%. The gains this month were generated primarily from our Merger Arbitrage, Warrant, and Capital Structure Arbitrage strategies. The fund suffered losses on a short position in anticipation […]