Friday, September 03, 2021

August 2021 Performance

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%


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