Before I get into what I did today, some data.The NASDAQ is +4% for January, SPY +3.5%, Russell +3.3% and the SMH is +10.4%. Those are returns befitting of a full month, with a week or so to go in January. The SMH did rise +16% in January of 2023, but for the most part...Read More

Lots of moving parts, plenty of early volatility as quant v quant attempted to make sense of the news headlines. Ultimately, markets were bid sharply higher with the SPY up 0.88% for the session. We managed a gain of +130bps, greatly outpacing the SPY due to Space Alien Magician (SAM) positioning. Year to date gains...Read More

Many years ago people were brimming with fear that BIDU would overtake Google and come to dominate search. Since then, shares of China related stocks have been bludgeoned, compressing valuations to a point of curiosity. Clearly, markets are pricing in geopolitical risk, potential and inexplicable war with China and subsequent ban of Chinese securities in...Read More

I pivoted away from basic materials today because it was a trade, one that was very profitable, but took me out of symmetry with the overall market. I prefer to be in sync with the SPY, only drifting on occasion in order to outperform. So you know, I have mostly onboarded all of the clients...Read More

Apple FUD due to China fears crushed the stock for 4%. We do not own it but many stocks got caught in its wake. In general, the session was fine up until the last hour of weakness. We managed to cling onto gains of roughly 0.12%, crossed against losses in the $SPY of 0.21% and...Read More