Open Square Capital 1Q19 Letter – Up 44% YTD On Energy BetsJacob Wolinsky
Open Square Capital letter to investors for the first quarter ended March 31, 2019.
Dear Limited Partners,
We’re running through a charred landscape now. It’s what’s left after things burned to the ground three months ago, when financial markets dislocated from reality and panic set-in. Any talk of recovery is immediately met with skepticism as the lingering smoke deters scarred investors whipsawed by the volatility. Our footfalls echo as it’s nearly empty with nary a flora or fund manager in sight. With capital having fled, producers must now fend for themselves, forced to live within their means as the days of generous lending terms and liberal equity infusions have ended. The few capital allocators remaining have now turned to suffocate producers, barring any notion of production growth and punishing those who try. It’s less capital discipline than capital disciplined.
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