Arquitos Capital Management 4Q19 Commentary

Arquitos Capital Management commentary for the fourth quarter ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more Reality is that which, when you stop believing in it, doesn’t go away. – Philip K. Dick Dear Partner: Arquitos returned -14.7% net of fees in 2019, compared to 31.5% for the S&P 500. Our annualized net return since the April 10, 2012 launch is 15.9%. Please see page five for more information. At our annual meeting this past September, I referenced Winston Churchill’s quote, “If you’re going through hell, keep going.” We have been going through hell the last…