The Last 10 Tightening Cycles Triggered A Bear MarketRupert Hargreaves
Frank Martin of Hummingbird Partners has a reputation as a cautious investor something that shows through quite clearly in his first-quarter letter to investors. For the first quarter of 2017, Hummingbird produced a return of 1.35% net for investors compared with a gain of 6.1% for the S&P 500. Hummingbird’s sizeable underperformance can be attributed to the fund’s hefty cash weighting. At the end of the quarter, only 49 . . .
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