Prime 2022 Year End Shareholder Letter

It’s spring time again, when everyone’s fancy turns to chirping birds, budding trees, and money. So, let’s dig right in.

In our 14-year history of running the Prime Traditional Long/Short hedge fund, we’ve seen exceptional performance. Last year, our fund was down 51%, as opposed to many of our previous years in which we have seen gains of as much as 295%, 123%, 62%, and 58%. The dip doesn’t surprise or discourage me. Last year was a brutal one for the stock market, but the market is by nature volatile, and the truly undervalued investments in the market are even more so. Thus far in 2023, we have already bounced back 16.37%. My disregard for the stock market stems from its short-term unpredictability and its lack of logical evaluation for many companies. The market can be a popularity contest in the short term; however, true value reveals itself in the long term.