Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotated the fund into 'croupier' businesses, cheap emerging markets, refiners, and precious metals.
Full Quick Take
Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotated the fund into 'croupier' businesses, cheap emerging markets, refiners, and precious metals.
