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Lemelson Capital Management To Host Investor Conference Call On January 15, 2021

Lemelson Capital Management To Host Q4, 2020 Investor Conference Call On January 15, 2021

Q4 2020 Investor Conference Call
January 15, 2021 - 10 A.M. EST
(Subject to review and approval)

The call will include prepared remarks, an update on management's 2020 activities, and a Q&A session.
To receive a copy of an investor presentation in advance, please contact investor relations at This email address is being protected from spambots. You need JavaScript enabled to view it.
This call is for existing partners and prospective (qualified) investors only.
There are a limited number of lines available. This call is expected to be oversubscribed.
Call-in details will be provided upon registration approval.

The aptly called "everything rally" has sharply driven up prices for junk bonds, copper, oil, bitcoin, used cars, and everything in between.

Significant shifts in market participation by millennials, trading gamification, record new retail brokerage account openings, and margin debt have fueled new equity market highs.

By last November, the frenzied trading had overwhelmed, at least once, the websites of almost every major US brokerage firm. The same month the MSCI All-Country World Index climbed another 12.2 percent – the best month on record. The index has added $30tn in market capitalization since the March lows.

A vital feature of the late stages of economic bubbles is increasingly irrational behavior by investors. For the first decade of the current bull market, already the longest in history, the speculation seemed tame compared to the aftermath of the March 2020 market crash. Now individual retail investors in "tulip-bulb" fashion seem to have gone entirely off the rails – not even a mob of rioters violently storming the U.S. Capitol could slow their feverish buy-everything activity on Wall St.

Sellers of new issues have taken note, bringing once-esoteric "SPACs," that feature dramatically misaligned incentives, to mainstream acceptance.

In the background, the global economy is likely to have contracted 4.4 percent in 2020, a decline not seen since the Great Depression.

Meanwhile, a resurgent COVID-19, driven in part by new, more contagious strains, has continued to cause widespread disruption to economies worldwide while inflicting enormous suffering and death.

Americans are migrating away from urban centers on the eve of a new administration in Washington, driving almost unbelievable gains in real estate prices in suburban, rural, and vacation destinations while pushing housing stocks to record lows.

With Democrats set to take control of both the House and Senate, President-elect Joe Biden may be able to turbo-charge his tax ambitions. Still, the expectation of $2,000 stimulus checks as part of an additional $1 trillion fiscal stimulus is pouring fuel on an out-of-control speculative fire.

What impact will these events have on U.S. income and wealth inequality, productivity, the currency, and equity markets over the long-term?

Are current asset prices and the correlations to increased money supply defensible? What insights emerge from current investor behavior?

A historic bull market-turned-bubble shouldn't be confused with genius.

Management believes capital allocation decisions should focus on deep-value with clear catalysts, supported by aggressive short positions in wildly over-valued and speculative issues.


This information presented expresses the views of Lemelson Capital Management, LLC (the “Advisor”) as of the date indicated and such views are subject to change without notice. The Advisor has no duty or obligation to update the information contained herein. This report contains views and opinions which, by their very nature, are subject to uncertainty and involve inherent risks. Predictions or forecasts, described or implied, may prove to be wrong and are subject to change without notice. Any information on specific investments or opportunities is provided merely to illustrate the research process that may be utilized by the Advisor and should not be relied upon in making an investment decision with respect to the investments covered by the report. Investment processes are subject to change without notice. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. The Advisor believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such third party information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.

This material is presented for information purposes only and is not intended to constitute legal, tax, accounting or investment advice. Prospective investors should consult their own advisors about such matters. Any performance data included with respect to any client account of the Advisor represents the net performance of and reflects the deduction of all account or vehicle level expenses, including without limitation brokerage and other transaction costs, as well as legal, audit, administration, and other expenses. Any performance presented would not represent the return of any individual investor. An individual investor's net return in any collective investment vehicle may differ significantly from any net performance as stated herein due to differences in fee arrangements and timing of investment. In fact, any net returns of a vehicle shown herein may be significantly higher than an investor's actual return. Any performance information includes the reinvestment of all dividends, interest, and other income. Past performance is not necessarily indicative of future results. All investments involve risk, including the potential loss of principal.

Any performance results should not be considered a substitute of, or indicative of the past or future performance. 2019 Returns are estimated and unaudited, and actual returns may vary from the performance information presented above. Estimated returns should not be construed as providing any assurance or guarantee as to actual returns. Actual performance figures are only computed and audited yearly. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. An investment in any fund is subject to a variety of risks (which are described in the Fund’s Confidential Offering Memorandum), and there can be no assurance that an account’s investment objective will be met or that it will not incur losses. This information does not constitute an offer to sell or the solicitation of an offer to purchase any interest in any fund or other investment product. Any such offer or solicitation may only be made by means of delivery of the fund’s offering documents.

Any portfolio risk management processes discussed herein are an effort to monitor and manage risk, but should not be interpreted as and do not imply low risk or the ability to control risk. Risk policies and limits imposed by the Advisor are subject to change without notice and may be exceeded from time to time due to, among other things, market fluctuations.

Any specific securities identified and described in this material do not represent all of the securities purchased, sold, or recommended for any account. The audience should not assume that investments in these securities identified and discussed have been or will continue to be profitable. Investment examples are included merely to illustrate the investment process and strategies that may be utilized. Client accounts currently own numerous other securities in various other industries and sectors unrelated to these securities. The purchase of these securities only will not create a diversified portfolio. In addition, such securities are subject to losses as an investor may lose money investing in such securities.

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