stagflationary 1970s; i.e., slow growth and high inflation could return soon

Stanphyl Capital commentary for the month ended September 30, 2020, discussing the decline in revenue due to the COVID-affected Q2.Q2 2020 hedge fund letters, conferences and moreFriends and Fellow Investors:For September 2020 the fund was up 1.0% net of all fees and expenses. By way of comparison, the S&P 500 was down 3.8% while the Russell 2000 was down 3.3%.Growth Stocks Vs. Value StocksIt’s been an awful last several years for the fund, as we remain “long value/short bubbles” in a market in which “bubbles” have hugely outperformed “value.” This is well illustrated in the long-term chart be…

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HEDGE accordingly