Q1 2021

General market “The biggest risk of all is the possibility of rising interest rates. The downward trend in rates is over (if we can believe the Fed’s assurance that it won’t take nominal rates into negative territory). Thus, while interest rates can rise from here, they can’t decline. This creates a negatively asymmetrical proposition. Can… Continue reading Q1 2021

Q3 2020

Performance Since the depth of the Covid-19 induced crisis, the market has increased by 50%. The bullish market was driven by both fiscal and monetary stimulus from the US government and US central bank. What we learned from observing the period is that most of the bullishness might have been more driven by the fiscal… Continue reading Q3 2020


As at 16 August 2019 The portfolio is held with Interactive Broker, a very low-cost brokerage platform which charges $1 per trade and offers wide access to international markets and option markets. The remaining of the portfolio is in cash. As of 16 August 2019, cash accounts for c.7% of the portfolio.