Raper Capital Origin Story, pt 4. We have arrived at 2017.
I had moved back to buyside (in London) to get more experience so performance is simply static long book only (essentially forced to close short book and no new trading)...bit boring 😰
🧵🧵
I had moved back to buyside (in London) to get more experience so performance is simply static long book only (essentially forced to close short book and no new trading)...bit boring 😰
🧵🧵
https://twitter.com/puppyeh1/status/1413360073892532229
Still there are lessons to be had. 2017 was a v good yr for the mkt - SPX +19% - and a good yr to run naked long. I did pretty well - +21%, 2.2 Sharpe, mirrored the mkt but a touch better: 
I was running v concentrated w chunky positions in $AER, $5184.T (Nichirin), $TFG.NA and $TOWR so there was a bit of vol mid year but ultimately returns were worthwhile (ball only dropped on $AER in 2018...)
There wasn't much rocket science in 2017...
There wasn't much rocket science in 2017...
$TOWR was a fairly cyclical middling biz at a v cheap price that I thought was on the cusp of big-time capital returns and or getting taken out. I wrote it up on SA so you can dig that up if you like...
It turned out to be a false dawn as they hung the for-sale sign up and then took it down (only to end up selling the biz a year or so later after I exited). But the stock still did fine.
$AER did fine, too, amidst buoyant mkt conditions, as did Nichirin etc.
$AER did fine, too, amidst buoyant mkt conditions, as did Nichirin etc.
My abiding memories of 2017 were unease (being naked long), worry (being unable to trade actively), and frustration (working for someone else and not being my own boss).
At the fund I spent time mostly on 🇯🇵 situations...many of which were shorts + which I couldn't have in PA 😰
At the fund I spent time mostly on 🇯🇵 situations...many of which were shorts + which I couldn't have in PA 😰
Still, I learnt alot about European stocks (the fund's main focus, outside of Japan) and broadened my 'intellectual toolkit'...such as it was.
But looking back 2017 was a fairly uneventfully positive year. Rare, in our chosen line of work. I wish I had more like this!
But looking back 2017 was a fairly uneventfully positive year. Rare, in our chosen line of work. I wish I had more like this!
Four yr summary thru 2017 to catch you up:
2014: +119% vs SPX +12%
2015: +39% vs SPX -1%
2016: +1% vs SPX +10%
2017: +21% vs SPX +19%
w a cumulative +271% vs SPX +46% and a 1.53 Sharpe (measured daily over 4yrs). Not bad.
Stay tuned for the annus horribilis that was 2018 😱😱
2014: +119% vs SPX +12%
2015: +39% vs SPX -1%
2016: +1% vs SPX +10%
2017: +21% vs SPX +19%
w a cumulative +271% vs SPX +46% and a 1.53 Sharpe (measured daily over 4yrs). Not bad.
Stay tuned for the annus horribilis that was 2018 😱😱
• • •
Missing some Tweet in this thread? You can try to
force a refresh
