ABNB - Eschler Recovery Fund Q4 2020 Letter To Shareholders

• Eschler Asset Management is a London-based independent investment manager that invests in out-of-favor companies with strong recovery potential.
• In 2020 Recovery Fund rose over 50% on an asset-weighted basis, net of fees and expenses. This was the best annual tally since inception.
• If one needed any proof that the stock market is not the economy, 2020 provided it in spades.
• 2020 saw the return of the silly season in financialmarkets. Bubbly conditions in 2020 set records in IPOs, SPACs, high yield bondissuance, negative yielding sovereign debt, ETF flows, retail call buying,margin debt, short-squeezes and more.
• I continue to believe the Fund’s precious metals holdingsoffer excellent risk-reward. The whole sector is in rude health while capitalspending and M&A remain restrained.

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