Performance Review
November proved to be the strongest month in the portfolio’s short history, with the portfolio rising 6.43%. The portfolio was profitable throughout the month making money in every 5-day rolling period, and during both the strong 1st half of the month for the markets, and the more uncertain 2nd half.
The performance was again driven by the position in GLD (Gold ETF) which contributed over 500bips to the month’s profit following the barbarous metal’s almost 20% rise during the month. The position in L-end Treasuries (through L TLT, and an individual bond) contributed over 150bips as yields continued to tighten. As noted during the mid-month updates, the portfolio’s positioning changed significantly during the month and the new positions proved a small drag on performance.
Portfolio
The portfolio’s positioning is unchanged from the update a couple of days ago.
During December, Our Man hopes to discuss the following issues:
- 2010 Outlook and Positioning
- 2010 Alternative Scenarios
- China, and Our Man’s skepticism of its economic miracle
- Potential Investments that Our Man hopes to build during 2010
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