Brian Hirschmann, CFA

While the MSCI World fell -3.6% in Q1 2026, my fund’s class A and B shares returned +20.8% and +16.9% (net). I appeared on the “Metals and Miners” podcast with @GaryBohm5 to discuss why I remain very bullish on the fund’s portfolio. To view the podcast (as well as comprehensive risk disclosures and return details), please see: hcapital.llc/media Past performance is not indicative of future results. Q1 2026 performance data is unaudited and presented net of all fees and expenses. Forward-looking statements are subject to material risks. Please visit the link above for complete strategy and benchmark disclosures. #Gold #GoldMining

Warren Buffett: So far, the Federal Reserve system has worked pretty well Charlie Munger: So far, the man who just jumped off a tall building is all right (2023 Berkshire Hathaway AGM)

"The single greatest edge an investor can have is a long-term orientation." - Seth Klarman

One day I asked my uncle, John Templeton, about managing $ from the Bahamas. He said his returns improved when he relocated to the Bahamas. I asked him why. He said it was because he received the WSJ a few days after everyone else. Here he is reading WSJ at the North Pole.

"In capital markets, price is set by the most panicked seller at the end of a trading day; value, which is determined by cash flows and assets, is not. This is both the challenge and the opportunity of investing." - Seth Klarman

"Buffett on why he hasn’t made any big investments: ‘We don’t see anything that attractive’" cnbc.com/2020/05/02/buf…

"It's incredibly important to note that when you don't allow failure, you get more failure." - Seth Klarman

"Predicting rain doesn’t count, building the Ark does." - Warren Buffett

"[A fund manager] said their goal was to be in the IRR hall of fame. I love that, because if they produce great returns, that’s going to benefit [clients]. If they gather huge assets and charge high fees, that’s going to benefit them and not [clients]." cfr.org/event/conversa…

"The sillier the market’s behavior, the greater the opportunity for the businesslike investor." --Benjamin Graham, The Intelligent Investor

my latest: No investor is an island, but in the face of big market gyrations, they should try to be a rock wsj.com/articles/when-… via @WSJ

"A fund’s size is one of the most important determinants of returns potential. Returns should deteriorate very quickly with increasing scale." mailchi.mp/verdadcap/size…?

Have no respect whatsoever for authority; forget who said it and instead look what he starts with, where he ends up, and ask yourself, "Is it reasonable?"