Gavin Baker
+ Your AuthorsArchive @GavinSBaker Managing Partner & CIO, Atreides Management LP. Formerly Fidelity OTC Fund. No investment advice, views my own. gavin-s-baker.com/ Feb. 03, 2021 1 min read

1) Life comes at your fast.

Yesterday was the largest increase in gross trading flow since March 2020 with overall gross exposure increasing and L/S alpha off to a really strong start in February.

2) Last Wednesday - only 5 trading days ago - was the largest degrossing in history, a -10.9 SD event, and one of the worst days ever for L/S alpha.

The Perfect Storm. Apocalypse Now. Choose your analogy.

3) Said another way, on a short time horizon, last Wednesday was one of the best days to add risk since March 2020.

Easy to say "be greedy when others are fearful," much harder to actually do this.

Could all change tomorrow. Or later today.

4) *Life comes at you fast.

And yes, that’s from Ferris Bueller


You can follow @GavinSBaker.



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