First Quarter 2026 Letter to Investors

There’s a lot going on in the world. All of it affects financial markets. The World Uncertainty Index has spiked, and there is much to contemplate for businesses and investors alike. We could see a repeat of the “everything shortage” that we experienced in 2021. There may be inflation, demand destruction, a combination of the two or none of the above. While it could be tricky to navigate, these times of uncertainty are also times of great opportunity. In this letter we contemplate the scenarios that may play out and what they mean for the overall financial picture that is now taking shape.

MCRM Quarterly Letter 2026 Q1.pdf

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