Futures bumping a little here, ~+1%, after Trump said he might just walk away from the war. I am not sure how often markets will permit to be gaslit by promises of wars ending, but here we are again.Quick note on getting back to fully invested. With cash ~22% and a 4.5% SDS hedge, we...Read More

Early going markets looked like it wanted higher, but alas that was faded and risk sold off much greater than indices suggested. My high beta index shed 4%, now off by 12% in 3 sessions. We lost 107bps, mostly due to the high beta portion of the portfolio: semis, datacenter power etc. Valuation wise, markets...Read More

Not sure if you recall that list printed here back in November. That list printed. I will try to get us positioned in some beaten down names of high quality this week. Here is breakdown of some heavily discounted names month to date.Basic Materials:SCCO -25%AEM -23%USAS -43%NG -35%MT -23%Consumer Goods:UL -20%BUD -16%RACE -16%EL -38%CELH -37%Financials:RKT...Read More

The energy trade has gone into overdrive due to the war. Once the war ends, many of these stocks will fall like stones. We are likely to lighten up on our energy sleeve this week, opting for inverse ETFs or even ag as a preferred method to hedge. At some point the price of oil...Read More

Let’s start with a positive note. We made 17bps for the week, +218 over SPY and more over the Qs. Year to date, we are now +5.3% over SPY and +6.8% over Qs. This is not great news, since we are down for the year ~1.7%. But we are maintaining a healthy distance from the...Read More