“You have to choose between trusting the natural stability of gold, and the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.”

– George Bernard Shaw (1856-1950), Irish political activist, critic and playwright

Monetary Debasement Insurance

Given the high level of Debt/GDP globally, economic and market dislocations are leading to aggressive monetary and fiscal policies. This is creating low to negative real yields, which historically has been the perfect backdrop for strongly rising gold prices. Our analysis suggests we are in the early innings of a bull market for sound money alternatives: precious metals and Bitcoin. We believe all investors should have some exposure to“Monetary Debasement Insurance”. Our strategy to provide this insurance is centered around gold and silver miners as well as Bitcoin. 

    Differentiated Investing Approach

    The EMA GARP Fund, LP does not face the same restrictions. Rather, we invest in both public and private equities often with warrants attached which provide significant torque for our portfolio. Gold & Silver mining ETFs are market cap weighted and forced to buy all miners, some of which are unattractive. Regulatory restrictions on these ETFs prevent them from investing in smaller junior miners and private equity investments with asymmetrical upside. In addition, we believe that Bitcoin and Bitcoin related private equity investments provide additional asymmetry to our portfolio.

      Our Edge

      Team’s deep knowledge of companies, management and risk/reward trade-off has been acquired over 12+ years from management meetings, trade shows, geological consultants, industry contacts, etc. Gold & silver mining is an extremely difficult industry fraught with risk. Murphy’s Law applies. We understand the risks of these businesses. We know how to mitigate those risks. We know when to scale up or down select investments.

        Knowing What We Don’t Know

        We know our circle of competence. We are investors not geologists. Thus, we hire experienced geologists and consultants to assist us in researching our ideas.

          Selective Hedging

            Long biased fund with a mix of technically influenced hedging if we see asymmetry.