PAR - Laughing Water Capital H1 2021 Letter

• Laughing Water Capital is a concentrated, long-biased investment partnership open to accredited investors.
• Laughing Water Capital returned ~9.5% in Q2 2021 after all fees and expenses, vs. 8.6% and 4.3% for the SP500TR and R2000TR respectively. Year to date, LWC has appreciated by ~37.8%, vs. 16.8% and 17.3% for the SP500TR and R2000TR.
• Notable new additions include a publicly traded company with an investment arm, a boutique RIA based in the Mid-West, and the family office of one of the most well-known and successful small cap investors of the last 50 years.
• Arriving at this multi-yearfuture will undoubtedly involve some unexpected detours and market turbulence, but our managementpartners are well positioned – and well incentivized – to navigate through any troubled waters.
• The key is to stay focused on the intermediate and long term, while mostly ignoring the near term.

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