1 Main Capital, a boutique investment firm, released its third-quarter 2024 investor letter. The fund returned 4.0% net in the third quarter, compared to 5.9% and 9.3% for the S&P 500 (SPX) and Russell 2000 (RTY). Year-to-date the Fund delivered 11.3% net, compared to 22.1% and 11.2% for the SPX and RTY. When inflation statistics fell below forecasts early in the quarter, there was hope that the Fed would start lowering interest rates as early as September, which spurred the RTY surge. After all, small-cap earnings are more sensitive to changes in interest rates and economic growth than...
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