Tantallon Fund Report,
February 2025
The fund declined -11.5% and we are abruptly -21.2% for the year.
I wrote last month that we were recouping ground from the DeepSeek massacre: I spoke too soon. Having been at the best +6% mid-month, and for the third time in as many months above our HWM, a further series of shocks had a gruesome effect on the portfolio. Let me start though with the admission that my travel this year has proved the catalyst for two singularly costly decisions.