Praetorian Capital’s Q1 2022 Investor Letter

Praetorian Capital, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. During the first quarter of 2022, the fund appreciated by 15.55% net of fees. Given the fund’s concentrated portfolio structure and focus on asymmetric opportunities, I anticipate that the fund will be rather volatile from quarter to quarter. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.