BRGGF - SRK Capital Q4 2020 Investor Letter

• SRK Capital, LLC provides investment management services to an investment partnership, SRK Fund I, LP.
• SRK Fund I, LP appreciated +10.90% during Q4 of 2020. In contrast, the S&P 500 and the Russell 2000 gained +12.15% and 31.40%, respectively.
• We have entered the Wild West segment of the market cycle where anything goes. Anyone with a name seems to be raising a SPAC, retail traders think they are great investor for riding speculative stocks to the moon, and it appears as if everyone is super optimistic about stocks.
• A portfolio concentrated on undervalued securities with a large margin of safety should do simply fine over the market cycle.

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