Livermore’s David Neuhauser: It’s a Tale of Two Cities

TD Ameritrade Network – Livermore’s David Neuhauser and his outlook for markets. “It’s a Tale of Two Cities”

Get The Full Seth Klarman Series in PDF

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Q3 2020 hedge fund letters, conferences and more

Livermore's Founder David Neuhauser: It's a Tale of Two Cities

To Partners and Friends:

Exclusive: York Capital to wind down European funds, spin out Asian funds

Jeffrey Aronson Crossroads CapitalYork Capital Management has decided to focus on longer-duration assets like private equity, private debt and collateralized loan obligations. The firm also plans to wind down its European hedge funds and spin out its Asian fund. Q3 2020 hedge fund letters, conferences and more York announces structural and operational changes York Chairman and CEO Jamie Read More


Markets and gold continue to hold their range and the world remains extremely fragile with a second wave of COVID presenting renewed stay at home orders and limited travel.

Tech has been the trade of the year although some of the "fluff" seems to be unwinding. Our focus today, deep value assets tied to short US Dollar exposure, centers on commodities such as gold, copper, and oil.

Of course, we implement this through specific investments in small cap companies which offer tremendous upside once catalysts occur.

2020 has been the most difficult year owning assets tied to energy. Although that should change with vaccine implementation and optimism that normalcy is not so far way. Today's positive news on Moderna's vaccine results coupled with Pfizer last week is refreshing. The key now will be timing to approval and distribution as well as efficacy under daily life movement (without wearing masks).

Here is a link to our interview last week with Oliver Renick of the TD Ameritrade Network. We continue to discuss inflation and owning gold assets. Given the path forward seems ripe for both to accelerate meaningfully higher.

Watch the video here.

What do you think about gold and the broader markets? tell us by sounding off in our comments section.