Praetorian Capital commentary for the fourth quarter ended December 31, 2021. Q4 2021 hedge fund letters, conferences and more During the fourth quarter of 2021, the fund appreciated by 22.44% net of fees. For 2021, the fund appreciated by 142.87% 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 fourth quarter, our core portfolio appreciated moderately. Meanwhile, our Event-Driven Book produced a moderately positive return excluding one opportunity that ad…