Laughing Water Capital Q2 2025 Letter
2025-07-22 10:44:00 ET
Dear Partners,
For Q2 of 2025, a Class A investment in Laughing Water Capital returned approximately 13.1% net of all expenses. i Over the same period, the SP500TR and R2000 returned 10.9% and 8.5% respectively. As always, please check your individual statements for the most accurate measure of your individual return, which may vary based on fund, class, and timing.
We finished the first half of 2025 within spitting distance of flat. This feels somewhat odd given all the noise around tariffs, DOGE, and inflation over the last few months. It is of course too early to declare victory, but it seems as if my decision to change very little about our portfolio despite all of the negative headlines was wise....
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Laughing Water Capital Q2 2025 Letter
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