RICK - Kinsman Oak Q3 2021 Letter To Partners

• Kinsman Oak Capital Partners Inc. is an independent Toronto-based boutique investment firm that strives to generate superior long-term results over multiple market cycles, net of fees.
• The performance of the Kinsman Oak Equity Fund was +1.5% for the third quarter of 2021, net of all fees and expenses vs. S&P 500 return of +0.6%.
• Almost every popular meme stock and overly promotional SPAC trade far below their 52-week highs.
• We seldom agree with central banks in general, so sharing their view that inflation was transitory felt unusual. Here we are six months later, and inflationary pressures persist with little signs of abatement.
• The Fund’s short positions are all U.S. listed. The Fund does not have any exposure to biotech, financials, energy, or metals & mining.

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