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This doesn't really say much bc of notional exposure isnt really terrible by any means. So there is no real context in terms of what % is deployed or overall drawdown. But I talk about defense often. and I live by that. I would never put myself in a position where something could materially negatively impact me or the future. That is a big reason why I also have a family office now where the focus isn't on having beta to the market. I always always always keep a big portion in box spreads, and in general non correlated assets/fund mangers that are non directional like Qube, Statar, special credit etc like Chicago atlantic, etc. This helps smooth out the path of returns and reduce overall volatility. I also have never once flexed a + pnl in terms of the exact dollar amount im up or down on a trade. But I dont mind sharing the loss porn. We all have it. Its unavoidable and none of us are perfect Im blessed to be in a position to have days like this. Obviously I bought quite a bit on July 17th after waiting 6 weeks to grab thos entries on NBIS, sndk, ewy, and AAOI with the plan of only selling SNDK and EWY which I did at least sell those two on the rally. NBIS I doubled the position. AAOI is now at a loss, NBIS is back to where I originally bought but now at a loss after the add. This also includes BB which that position is almost entirely de-risked or risk free which we traded quite well. I don't expect v reversals either, but i do think a lot of these are attractive entry points, and we grabbed them. 40-60% down, and did that with patience. There are a lot of people who rode those down. Things of course can get worse. We can also always have a big time aspect of chop on these. But I think overall, the risk management, and timing has been incredibly strong and consistent. If made further changes, I'll be sure to share them but wanted to share this. This also doesnt reflect realized gains for the month. But just wanted to share on a day that isnt so great.
Pentosh1 ↗