Portfolio Watch: No Quarter and No Surrender
Hello Everyone!
We’re here again for our weekly Portfolio Watch, and I must admit, it’s been a rather challenging week. We found ourselves on the wrong side of the equity spread between CRAK and IYT. It’s ironic, really, as we initially thought the main risk was being fashionably late to the party. Alas, it was the crack spreads that unexpectedly threw us off balance. However, we’re not easily discouraged, and our PnL is already rebounding, with our HenryHub bet leading the way among our top performers.
When it comes to the broader price movements, it’s no coincidence that we’ve chosen to remain without direct long exposure to equities and bonds. Carnage seems to be ongoing still:
Chart 1: Returns Equities
The EIA report indicates demand drop, Non-farm payroll signals a soft landing, and we’ve taken a spread trade loss. We’re in challenging waters. How should we position ourselves, and how are we doing? Read our weekly Portfolio review below
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