Hayden Capital Quarterly Letter: Q2 2022

Dear Partners and Friends,

The markets continued to sell-off in the second quarter, especially for internet-based businesses. This year continues to be the toughest stretch for us, since the Hayden’s inception. Inflation concerns and the resulting hiking of interest rates resulted in volatile markets in April and early May, but then this market angst started to subside in second half of the quarter.

This type of “choppiness” is normal for this phase of major bear markets, as it takes time for markets to find their footing. In fact, as noted in last quarter’s letter, 10 – 40% weekly moves is normal for stock prices in our sector, in the months surrounding a bear-market…