"In Maverick's 26-year history we have faced in number unexpected market dislocations," Lee Ainslie wrote in the opening paragraph of his first-quarter letter to investors of Maverick Fund USA.
"However, no challenge to our economy and markets has been more difficult to comprehend accurately, or more challenging to predict the implications of, than the current pandemic," he went on to declare.
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Maverick, like many of its peers, struggled during the first quarter of 2020. According to a copy of it's Q1 letter to investors, the USA fund declined -13.4% compared to S&P 500's -19.6% loss.
Maverick adds...
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