FARM - Choice Equities Fund Investor Letter Q1 2021

• Choice Equities is a boutique hedge fund manager, investing in public equities with the mindset of an opportunistic businessperson. We invest this way because we believe it is the right way to pursue our primary goal of compounding capital safely over the long term.
• Choice Equities Fund generating gains of +29.2% on a net basis in the first quarter. This compares to the Russell 2000’s +12.7% gain and the S&P 500’s gain of +6.2%.
• On another, which perhaps underscores just how truly weird this pandemic has been, this recent recession is the only one in modern history that witnessed per capita disposable income actually.
• At present, we own 17 companies, and find ourselves nearly fully invested on the long side.

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