WLDBF - Old West Investment Management Q4 2020 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.
• Our LP strategies returned an average of 65% and our SMA strategies returned an average of 66%.
• Another top performer for us last year was Zedge, a company that operates worldwide as a content distribution platform. We first invested in ZDGE at $3 per share, watched it fall as low as $0.66, and our patience was rewarded as the stock finished the year at $6.
• At the urging of Old West partner and portfolio manager Brian Laks, we began investing in what we saw as a once in a generation opportunity in the nuclear power and uranium mining industry.

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