Quotable Quotes

July 2017

“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

Performance of Trading and Investing-June 2017

Trading and Investing Returns-June 2017

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.

Investment returns against various benchmarks
Trading and Investment Performance-June 2017