Crescat Capital 3Q 2017 Investor Letter

Crescat Capital remains bearish equities with an emphasis on valuations, leverage and the Chinese credit cycle. The firm also maintains a bearish stance on crude prices.

Full letter:
Crescat Capital 3Q 2017 Investor Letter

On US equity valuations:

US large cap stocks are the most overvalued in history, higher than prior speculative mania market peaks in 1929 and 2000.

Not a recommendation to buy or sell securities. Not a recommendation or solicitation for any fund or partnership. Please read our Disclaimer!

 

More: Hedge Fund Third Quarter 2017 Investor Letters

Chinese yield curve inverted:

Crescat - Chinese Yield Curve 3Q17.jpg

Chinese property developers - warning sign?

Crescat - Chinese Builders 3Q17.jpg

And finally: China newly built property prices:

Crescat - China Newly Built Prices 3Q17.jpg