RFL - Old West Investment Management Q1 2021 Investor Letter

• Old West manages long only and long/short investment strategies based upon the companies that we uncover through our simple yet sound investment process.
• We outperformed the market by a wide margin, with our LP’s up on average 25% net of fees and our separate accounts up over 30%, compared to the S&P 500 up 6% for the quarter.
• Another area where we have significant exposure is the gold mining industry which has been very disappointing for the past six months. There is no doubt Bitcoin has stolen some of gold’s thunder as a fiat currency alternative and pushback to central bank manipulation of markets.
• The bond bull market will end eventually, and all the factors listed in this letter just might signal the turn.

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