Hello GentsEarlier today I mentioned returns YTD of over 4%. I probably should not be quoting returns here, since not all accounts are weighted the same. On that issue, some accounts are smaller and cannot allocate the same as a larger account. For example, some of you only have just 1 share of GEV, while...Read More

Ladies, MenWe closed +315bps for the session, now +4.12% for the year, or our record highs. Markets are still 5-5.5% behind us, so we have achieved measurable alpha. For the session, we were +60bps over SPY in spite of 17% cash.Moves for the day includedadding 2% to SCHD, 0.5% to CSCO, sold FLY for +23%,...Read More

Gentlemen, we have freedom candles. On news of everlasting peace in the Middle East, SPY futs have mooned +220bps, oil COLLAPSES by 15.8%, gold +2.3%. This is the one of 10 sessions of the year needing to be long and we did it. We did it Joe!Albeit cash remains inexorably at 16% ish, I am...Read More

I’ve traded all environs since the 90s, entailing crisis of many different varietals. CIVILIZATION ENDING crisis is a new one for me. I must admit to being completely stoic about it, for it seems obvious the likely outcome. I know the Mad King theory is jarring; but barring that — perhaps the most likely outcome...Read More

We gained +46bps in relative calm and easy markets, in spite of the looming deadline to completely destroy all of Iran’s bridges and power plants. Said deadline remains unchanged for 8pm tomorrow evening. Be there!No real changes for the session, other than adding to XOM and re-starting AAPL — getting ready for the big move...Read More