Last period the market direction was predominantly down, not surprising since the market has gone mostly straight up since January. In fact this is the first real pullback we’ve had in three months. Our performance was also knocked down by holding ESL. The previous month ESL had shot up 10% on takeover speculation. This period it dropped back down to pre-take over talk levels. We returned -4% percent this period compared to our
benchmark SPY down 1.2%. You can find the latest newsletter HERE.
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