“I view gold and related equities as effective hedges – a form of insurance – against the potential consequences of not only the massive buildup in government debt, but also of Central Bankers hell bent on encouraging inflation, a visibly divided Congress (and electorate) and a stock market characterized by unchecked optimism and outsized speculation. Unlike true insurance, for which one pays a premium, these low-correlation investments should return significant economic value to the Fund. This investment is a tacit admission that while I can’t see the future, it is a clear indication of how ‘I invest from the bottom up but worry from the top down.’”
– Curtis Jensen (OPF Q2 2021 Letter)
In his Q2 2021 commentary, Portfolio Manager Curtis Jensen:
– The purpose of a bucket approach: In specific industries where risks may be especially elevated, Curtis discusses how the bucket approach allows the Fund to access the high margins of multiple companies in a low sentiment sector with a managed downside.
– Politics and Profits: Curtis shares his unique viewpoint on how the current administration is addressing financial obligations and how changes in policies, in response to COVID, created the opening for insurance within the portfolio.
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