THRY - Laughing Water Capital Q4 2021 Letter

• Laughing Water Capital is a concentrated, long-biased investment partnership open to accredited investors.
• Our performance going forward could be considerably weaker than our past performance, and we could still generate returns that would please us.
• As always, there are things to worry about, with inflation and a rising interest rate environment being high on the list these days.
• I continue to believe that despite the worrisome issues of the day there are still plenty of attractive investment opportunities on a 3-5 year time line.

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