To Partners:
The quarter and YTD performance remained robust for Livermore Partners. Sticking to our themes and taking advantage of renewed volatility, we blended together some opportunistic trades and new investments. Both of which generated some nice alpha for the portfolio.
Summer’s market gains have continued to manifest led by strong US growth and a more buoyant consumer. Who along with more disposable income, are helping extend the current and very stretched economic cycle. This has produced strong earnings, higher multiples, and a bit of wishful thinking.
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