Investors will forever debate whether gathering too much treasure can inversely affect one's ability to pursue greater spoils. But sometimes, "bigger is better," as Pirate Capital argues in its latest investor letter, and its investors must surely agree.
The firm's flagship Jolly Roger Fund and newly launched Jolly Roger Activist Fund both had spectacular runs in January, providing onshore net returns of 10.65% and 18.11%, respectively. Those numbers come on top of enormous asset growth: The firm reached $1.58 billion in assets on February 1, up from $340 million as of January 1, 2005.
Pirate's flagship, which set sail