despite mkt highs, memes, and the golden age of grift ; things have not gone well for every fund manager.
what happens when the following factors converge :
a. fund manager deeply believes in gop economic strategy and voted for trump twice.
b. so hates paying taxes for anything such that relocates firm and household to puerto rico (where he had to install backup generators for power reliability)
c. has gone from historically posting that he has never lost money in a trade (despite impossibility) to nearly admitting he has lost money on every trade.
despite being shocked by trump's actual economic actions, he seems reluctant to shed blame due to his cultural alignment...not at all uncommon to MAGA. yes, luck continues playing a role, as part of his rational was that american largecaps are no place to invest, and he believes his only edge was in illiquid foreign microcaps (or such).
https://go.pracap.com/hubfs/Quarterly Letters/2025/2025 Q2 Investor Letter - Approved v2.pdf
Comments
economic growth, a true reorientation of the economy is simply too painful to suffer through. Trump couldn’t even suffer a week of turbulence after Liberation Day. It now seems obvious that they plan to sacrifice the Middle Class to fuel the asset bubbles. I don’t agree with this plan, but I recognize a plan when I see one."
That is some strong words for a Trump supporter. He is calling him dishonest (lip-service), weak (couldn't even suffer a week of turbulence) and disloyal (sacrifice the middle-class). And he clearly doesn't believe that the trade-deficit needs fixing.
"Trump has talked about fixing these imbalances, but I worry that the pain will be too great to stomach" - a little late to arrive at that conclusion. "What about the fact that the real economy (basically everything outside of tech and AI) clearly seems to be rolling over??" Obviously, he isn't buying the White House messaging.
i must admit to being a longtime reader for the audacious (sometimes atrocious) nature of assets kuppy would buy. but the 'never losing' and politics was tiring, and 2025q2 is a partial but marked change.
You know, that sounds a lot like someone here on MFO. Let's see... "never losing"... now who does that remind me of?