November 2020 Performance

November was a strong month for anyone who had a pulse. I did not make any changes to the portfolio [Apple, Alibaba, Mastercard, Qiagen, Sanofi, Constellation Brands and Visa]. My cash position as a percentage of the portfolio decreased to ~ 14% due to the portfolio appreciation. I will most likely take a small bite in Airbnb when it goes public next week and slowly average in over the weeks / months. This is one where I really want to build a nice position and hold for the long term.

I continued to play the merger arb game with Short Puts in MyoKardia and Tiffany & Co. I still have some Tiffany and may continue to play this to closing. Tiffany is as low risk as you can get in this merger arb game.

That’s all I have to report… My eyes will now be focused on the Airbnb IPO.

 

2020 YTD Performance = +25.9% with the running monthly returns as follows:

 

January +2.7%
February -6.8%
March -9.9%
April +12.3%
May +6.6%
June +3.8%
July +6.1%
August +11.8%
September -4.2%

October -6.7%

November +10.8%