RMNI - Laughing Water Capital Q1 2021 Letter

• Laughing Water Capital is a concentrated, long-biased investment partnership open to accredited investors.
• Laughing Water Capital returned 25.8% in Q1’21 after all fees and expenses, vs. 6.2% and 12.7% for the SP500 and R2000 respectively.
• I have no doubt that in the months and quarters to come there will be companies that post record earnings on the back of those bloated checking accounts. What is harder to know is if those record earnings will be sustainable, or just a one-time or two-time post Covid bump.
• For a concentrated equity strategy such as LWC, this is an attractive environment to operate in, and at the moment we are fully invested on the long side as I have more ideas than capital.

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