Livermore Partners May 2020 Commentary: The Worst Of The COVID-19 Shutdowns

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Livermore Partners May 2020 Commentary: The Worst Of The COVID-19 Shutdowns
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Livermore Partners commentary for the month of May 2020, discussing the worst of the COVID-19 shutdowns

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Q1 2020 hedge fund letters, conferences and more

Dear Partners:

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The Worst Of The COVID-19 Shutdowns

Hope you're continuing to ‎deal with the current environment in good spirits. It seems we're finally coming through the worst of the COVID-19 shutdowns and there will soon be a level of normalcy before us.

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It's been a wicked year to date. Add that to the stay at home order and e-learning for kids, and life has become something of a juggling act. It's taken much more time than expected and makes for updates and phone calls more difficult to ‎pack into a long day.

I expected to have a Q1 letter out this month but ran out of time. Instead, we will provide a H1 update that will discuss further the current economic landscape, how we're positioned, and where we see unique investment opportunities before us.

Additionally, next week Livermore will take part in the Contrarian Investor's Podcast. I will make sure to forward the clip for anyone interested.

Livermore Positioned For A Recovery

Overall, the year has been ‎been challenging (to say the least) but I continue to feel we are positioned for a recovery. May is ending today and it's been another positive rebound performance for the fund. With MTD up approximately 10+percent.

Our theme of owning event-driven value-focused companies is helping drive the recovery (along with oil prices rebounding from their depths).  I do expect an oil market rebalance will take longer than the current market is anticipating but am confident we will be on the winning side.

Our value proposition remains strong as does our pipeline of new special situations. I'll share further insight in the months ahead and as we make progress. Until then, be safe and let's hope Summer makes up for ‎a very dismal Winter and Spring- when all professional sporting events were halted.

Now if only baseball‎ can get their house in order and open the season soon... I'd feel even better.

All my best,

David

Livermore Partners

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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