Balestra Capital is out with their Q4 letter (hat tip to Marketfoly). For those who are unfamiliar with Balestra, they were founded by James Melcher. They are a macro thematic fund, and Melcher was on the right side of the mortgage meltdown and has also been spot on with gold and some other prescient calls. His fund returned 1.71% in 2011 and has returned around 24.4% net since inception. His returns can be seen below:
His latest musings discuss his opinions on the markets, gold, etc.
Balestra Capital on Gold & Inflation: Quarterly Newsletter