Hempton does the bubble

Via John Hempton in his latest Bronte Capital client letter:

In these months some fund managers we admire have had solid double-digit returns. Also, some fund managers we think are gunslingers destined to drop 80 percent or more have had double digit returns (with triple-digit returns a possibility). This–despite what the averages say–is an aggressive melt-up market.

The real economy is awful at the moment (COVID), but the financial economy is setting bullish records.

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