Submitted by QTR's Fringe Finance

Friend of Fringe Finance Lawrence Lepard released his most recent investor letter this week, wrapping up Q1 of 2026. Larry’s fund was up more than 170% last year and has started 2026 down -2.5%. In his letter he writes about the war, valuations, gold, silver, bitcoin, the Fed and more.

Larry gets little coverage in the mainstream media, which, in my opinion, makes him someone worth listening to twice as closely. He is part of a small cohort that has been deadass right on gold and silver over the last few years and was able to see this stratospheric move in metals ahead of time.

Larry was kind enough to allow me to share his thoughts on gold, silver, bitcoin and valuation. His letter has been edited slightly for brevity and for visuals. Part 1 of his letter is here.

GOLD

Many people look at the excellent price performance of gold over the past two years and immediately expect a reversion to the mean. We see it quite differently, that this is a secular trend not a cyclical one. Gold’s superior price performance is a signal of a shift in investor sentiment and an emerging understanding of what the future holds. In a world where many human institutions are failing and many humans cannot be trusted, Gold makes a lot of sense. Our friend Simon Mikhailovich nicely expressed what is happening:

And as we said in our last letter, we are still in the early innings of this ball game. Consider the next chart below. Many investors and index funds choose ETFs as a way to gain exposure to an asset. This chart shows the market share of Gold ETFs compared to all other ETFs. Note that the present share is under 2%. In the 2000–2008 bull market, it was 4x this level and even in the 2016–2020 mini bull market it was almost 50% higher. We believe this current bull market will be larger than both of those. If we are correct, Gold prices will travel much higher.

Supporting this thesis, we now see major investment banks, brokers and others calling for higher Gold prices. It is notable that Goldman Sachs is calling for $6,000 Gold this year, and it is notable that both Goldman Sachs and Morgan Stanley changed their investment allocations from 60% / 40% stocks/bonds to 40% stocks, 20% bonds, 20% Gold. These two investment houses are huge. Goldman advises over $3 Trillion of assets and Morgan Stanley has client assets of $6.5 Trillion. Typically, rebalancing portfolios takes...(READ THIS FULL LETTER HERE).