Old West Investment Management’s Q2 2022 Investor Letter

Old West Investment Management, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. The fund’s All Cap portfolio was down 16.7%, its Small Cap portfolio was down 19.1%, and its three L.P.’s performed well on a relative basis. If you consider that all of its portfolios were up between 50 to 67% each of the two previous years, then the fund has limited its losses. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.