How have you been navigating current environment?
For last month or so, only things that go up are retail meme names that we often short (squeezing at your face everyday). Popular longs are not doing much.
Have grossed down a lot, but even if I were to gross up again, feel like longs won’t work and shorts will keep squeezing.
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We burnt a ton of money on premiums to hedge names after the hit we took post liberation day. That aside, there were ton of events this year where stocks in the portfolio moved 30-40% against our position which made us degross quite a bit. But overall, we just had to find better shorts & longs in the last 4 months and we have done that.
We did take position in more speculative names on the long side. Popular longs have been absolute turds post liberation. Much of the moves against us this year were cases where we were blindsided by orange man, that said some of his moves were very predictable and those have been good names on both sides of the book. There were months where the short book carried us and months where the long did.
What I did was basically go with the tide rather than against it. Ok, meme mania is happening, what will be the winners and losers in the mania? That approached helped us and we are ending the year with good numbers. This is not the approach we entered the year with mind you, had to revamp and degross multiple times here. That said our mandate isn't as tight so curious to hear what those with stricter mandates have done.
Just flip to the opposite side of all your positions.
i mean how did you not make money this year? and no, im not in PE
We made good pnl ytd, then de-grossed but don’t know what’s the next leg of play here. Also it really depends whether you’re at MM vs SM. Yes, I agree if you didn’t make money this year, you suck
LOL probably only for LOs or MM with very loose risk limits.
MMs with tight right limits generally hard to make money in this environment due to extreme volatility based on whatever Trump tweets. You could say just long the market but remember MMs shorts are also squeezing higher (if you're forced to go neutral).
I've never been more glad to work in RV than now.
will be best year by multiple std devs, not as much to do currently on long side as there was earlier this year but still finding opportunities, at this point its largely maintain P/L and take risk when opportunities arise.
we exited our most of the legacy portfolio and instead just have a real time trade trigger to buy index calls whenever trump's account posts on truth social and then to sell when tweets / IBs hit a critical mass for the keyword 'bubble'. None of us come into work anymore
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