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Simulated Performance for Aquamarine Capital Management, LLC

Performance Trend (13F securities)
Reporting Period Quarterly Simulated Performance Quarterly Hit Rate Annual Simulated Performance Annual Hit Rate Annual Simulated Performance Decile Annual Simulated Performance Hedge Funds Decile Annual Simulated Performance Quant Decile Annual Simulated Performance Fundamental Decile
Dec. 31, 2014 -0.82 % 0.20 -16.01 % 0.27
March 31, 2015 -8.13 % 0.50 -43.74 % 0.12
June 30, 2015 -23.09 % - -48.70 % -
Sept. 30, 2015 7.23 % 0.88 -26.31 % 0.38
Dec. 31, 2015 -26.61 % 0.12 4.00 % 0.88
March 31, 2016 -12.36 % 0.27 33.53 % 0.90
June 30, 2016 14.00 % 0.82 55.53 % 0.90
Sept. 30, 2016 16.88 % 0.82 72.89 % 0.90
Dec. 31, 2016 8.91 % 1.00 34.09 % 0.85
March 31, 2017 3.38 % 0.67 30.25 % 0.77
June 30, 2017 20.24 % 0.94 31.06 % 0.94
Sept. 30, 2017 4.54 % 0.79 7.87 % 0.67
Dec. 31, 2017 3.61 % 0.57 -11.52 % 0.25
March 31, 2018 1.89 % 0.56 1.89 % 0.53
June 30, 2018 0.84 % 0.60 6.00 % 0.59
Sept. 30, 2018 -14.22 % - 2.46 % 0.57
Dec. 31, 2018 13.97 % 0.79 31.62 % 1.00
March 31, 2019 8.69 % 0.82 -20.62 % 0.27
June 30, 2019 -2.01 % 0.36 -15.00 % 0.36
Sept. 30, 2019 9.81 % 0.92 -2.60 % 0.67
Dec. 31, 2019 -31.00 % - 5.35 % 0.64
March 31, 2020 14.63 % 0.73 67.67 % 1.00
June 30, 2020 10.48 % 0.85 58.11 % 1.00
Sept. 30, 2020 18.34 % 1.00 40.42 % 1.00
Dec. 31, 2020 11.94 % 0.83 26.40 % 0.83
March 31, 2021 7.48 % 0.83 15.21 % 0.75
June 30, 2021 -4.16 % 0.31 -19.05 % -
Sept. 30, 2021 6.85 % 0.69 -18.32 % -
Dec. 31, 2021 1.50 % 0.23 -13.33 % 0.17
March 31, 2022 -22.08 % 0.08 -10.98 % 0.17
June 30, 2022 -3.39 % 0.17 24.17 % 0.83