Bronte Capital's Amalthea Fund

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Bronte Capital Amalthea Fund Investors' Letter for November 2015

The returns for this month were uneventful (down 1.3%), about 1% better than global markets when measured in Australian dollars.

We don’t like this market. The debt market is getting skittish, capital equipment looks oversupplied in almost every market and cyclical businesses do not look like they will recover in the medium term.

There are a few exceptions to universal over-build. We don’t think the market is oversupplied in fuel-efficient long-haul . . .


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