Praetorian Capital’s commentary for the third quarter ended September 31, 2021. Q3 2021 hedge fund letters, conferences and more Praetorian Capital’s PerformanceDuring the third quarter of 2021, the Praetorian Capital Fund appreciated by 9.85% net of fees. Given the fund’s concentrated portfolio structure and focus on asymmetric opportunities, I anticipate that the fund will be rather volatile from quarter to quarter. During the third quarter, our core portfolio appreciated moderately. Meanwhile, our Event-Driven Book produced a negligibly positive return, which is mostly a reflection of a slo…

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