Arquitos Capital Management 3Q19 Investors Letter

Arquitos Capital Management letter to investors for the third quarter ended Septmeber 30, 2019. Q3 2019 hedge fund letters, conferences and more The stock market is a device for transferring money from the impatient to the patient. – Warren Buffett Dear Partner: Arquitos returned -12.6% net of fees in the third quarter of 2019, bringing the year-to-date return to -12.5%. Our annualized net return since the April 10, 2012, launch is 16.9%. Before fees, Arquitos has returned 370% cumulatively and 22.9% annually since our launch seven and a half years ago. Please see page four for more detailed performance information….