We recently came across an Australian publicly traded investment fund’s investor letter. East 72 is one of the most bearish fund’s in the world at the moment with a net exposure greater than -100%. That means they are more than short the entire market. Obviously being short didn’t help with generating positive returns as the fund lost 23.4% in 2019. Its loses over the last 2.5 years is more than 50%. You can download a copy of their investor letter here.
Even though the fund’s investors are...
