Due to high reader demand I’ve created a newsletter of sorts that will involve a macro view, a micro view and a strategy outlook. At some point I will add a model portfolio when I rectify a way to apply the actual trades to a somewhat realistic portfolio tracking system. I am working with a few online right now so we’ll see which one most closely correlates to the macro portion of my actual portfolio. For now, we’ll have to work with this because it’s impossible for me to track many of the instruments I usually trade – futures, options, currencies, etc. are difficult to mimic without me divulging my entire portfolio – something I will not do because this is one slice of the multi-strategy approach I use. Unfortunately, I have to make a living so you only get to see a portion of the TPC approach to investing. Apologies.
I should note that this is very much a work in progress for myself. Being a trader that has generally achieved most of my success in strategies other than global macro (such as the one I use on TPC) it will be interesting to see if I am able to achieve similar high risk adjusted returns in a lone global macro portfolio that I do using my multi-strategy approach. Global macro strategies do not generally account for a high percentage of my returns, but the macro trades I have made over the years have tended to produce extraordinarily high risk adjusted returns (my March 8th bottom call and “bond trade of the year” are good examples of such trades). Hopefully, we all benefit and learn as we move along. Enjoy!
Update 12PM EST – Unfortunate timing with this huge ramp in the market, but I didn’t expect us to near 1,000 so quickly and I sold out of all equity positions into the 2% move higher….It’s been a great run in the last few weeks, but the equity portion of this report has gotten too crowded for my taste.
I’ll revisit the equity portion of my portfolio in the weeks ahead. The hedges will remain in place however and serve as pseudo short positions.
* Thanks to reader Ovidio for the generous donation.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.