August was not a kind month as several large positions such
as Visa, Mastercard and Constellation Brands declined in value. I can’t count
out Alibaba, which is a relatively tiny position that seems to be heading to
zero. The lone standout was Apple, which continues to amaze me. I also drew
down some of the cash and went in to some alternative type investments so we’ll
so how bad those work out.
I did participate in the merger arb play with Translate Bio
by selling the August 35 Puts. I’m no longer willing to risk longer dated
options with these merger arb plays as the antitrust regulators have been quite
active these days. Sanofi pulled and refiled their filing with Translate Bio
due to additional info requested by the Fed. I can see this heading toward a Second
Request.
That’s all I have…
2021 Performance = +4.84% with the running monthly returns as
follows:
January
-2.1%
February
+0.6%
March
+0.99%
April
+5.77%
May
-3.56%
June
+4.0%
July
+2.23%
August -2.8%