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But we saved everything 🙂.
Lawrence Lepard announced that the EMA Fund closed the year 2025 with a remarkable 174.5% increase. The comprehensive report, consisting of 32 pages, includes detailed macroeconomic commentary.
Lepard’s exceptional results for 2025 stand in sharp contrast to episodes of market volatility seen in recent years, such as the sharp decline in silver prices signaling broader market turmoil. These developments recall previous commentary highlighting major financial repercussions, including JPMorgan’s $920 million penalty for market manipulation, further illustrating the complex backdrop against which the EMA Fund’s performance unfolded.