Livermore Partners commentary for the month of May 2020, discussing the worst of the COVID-19 shutdowns
Q1 2020 hedge fund letters, conferences and more
Dear Partners:
The Worst Of The COVID-19 Shutdowns
Hope you’re continuing to deal with the current environment in good spirits. It seems we’re finally coming through the worst of the COVID-19 shutdowns and there will soon be a level of normalcy before us.
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It’s been a wicked year to date. Add that to the stay at home order and e-learning for kids, and life has become something of a juggling act. It’s taken much more time than expected and makes for updates and phone calls more difficult to pack into a long day.
I expected to have a Q1 letter out this month but ran out of time. Instead, we will provide a H1 update that will discuss further the current economic landscape, how we’re positioned, and where we see unique investment opportunities before us.
Additionally, next week Livermore will take part in the Contrarian Investor’s Podcast. I will make sure to forward the clip for anyone interested.
Livermore Positioned For A Recovery
Overall, the year has been been challenging (to say the least) but I continue to feel we are positioned for a recovery. May is ending today and it’s been another positive rebound performance for the fund. With MTD up approximately 10+percent.
Our theme of owning event-driven value-focused companies is helping drive the recovery (along with oil prices rebounding from their depths). I do expect an oil market rebalance will take longer than the current market is anticipating but am confident we will be on the winning side.
Our value proposition remains strong as does our pipeline of new special situations. I’ll share further insight in the months ahead and as we make progress. Until then, be safe and let’s hope Summer makes up for a very dismal Winter and Spring- when all professional sporting events were halted.
Now if only baseball can get their house in order and open the season soon… I’d feel even better.
All my best,
David
Livermore Partners
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