1Q21 Investor Letter

“We generally think of gross exposure as a function of how much we like our longs versus our shorts.  Our shorts function similarly as insurance float, the costs of which, if managed properly, are negative. Comparing equity short with insurance claim short, equity short is up against a stronger secular force, faces a wider range of outcomes, but reduces more systematic risks.

Our final two cents on the blown up and the huddling investors are:

(1) We believe big money is made not in the doing but in the waiting. "Anything that can't go on forever will end."

(2) By default, non-consensus is the true protection. Although many investment professionals are trained to know this fact, they behave as vice versa is true.”

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2Q21 Investor Letter

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4Q20 Investor Letter