“Every job looks easy when you’re not the one doing it” -Jeff Immelt, shortly after stepping down as CEO of GE after 17 years
“Obviously you don’t make money if you’re wrong. What most people don’t realize is that you don’t make money if you’re right in consensus. Returns [or alpha] get arbitraged away. The only way you make money is by being right in non-consensus. Which is really hard.”-Former Benchmark Capital Partner Andy Rachleff
It’s the 10th of the month again, and its time for another update on performance. Nothing really new to report, except that I started trading commodity futures in earnest in June, and had I not, trading performance would have been weak. This has only strengthened my conviction that diversification across uncorelated instruments is important while using trading systems.
The rest was more of the same. The mutual funds outperformed my own investment performance, which in turn outperformed the PMS benchmarks. Something for the PMS folks to think about.