Old West Outperforms, Buys Undervalued Lockheed Martin

Old West Investment Management’s All Cap investment portfolio slumped -16.7% for the year to the end of June, outperforming the S&P 500’s loss of 21% and the Nasdaq’s decline of 30% over the same period. Writing in the firm’s first-half investor update, Joseph Boskovich, Sr. Chairman and Chief Investment Officer of Old West, notes that the market decline in the first half of the year was mainly driven by high-flying tech stocks, which was widely predicted. However, bond markets also plunged in the first half, the “worst first half on record” for fixed income, catching many investors off guard. Q2…