Questions and Answers

In the spirit of frankness, these questions have not yet been asked—let alone frequently. I answer them here now in the simple hope of making the asking of them unnecessary.

What is an undisclosed position?

A position below the regulatory disclosure threshold, which in most cases sits at 3%. Once an investor crosses this line—and at every full percentage point thereafter—they must announce themselves to the market. The observant will note the inherent ambiguity: a disclosure moving from ‘undisclosed’ to 3.1% could represent a bold new wager, or merely the trivial addition of a few basis points to a pre-existing 2.9% stake. The regulator, in its wisdom, does not require clarification.

Is your information accurate and reliable?

The underlying regulatory data is as reliable as any document filled out by a sleep-deprived junior on a Friday afternoon can be. The narrative, however, is the product of an energetic, if occasionally over-taxed, old mind. Even Homer nods. Conduct your own diligence.

Should I follow a trade I saw in Trades of Note?

That you must ask the question suggests the answer is no. This letter is intended as a starting point for your own thinking, not a substitute for it. Remember that even the finest investors are frequently wrong, and what you see here is but a single brushstroke on a much larger, mostly hidden canvas. To imitate a single part of a strategy you cannot see in its entirety is a remarkably efficient way to part with your capital.

When is your newsletter published?

I endeavour to publish every Sunday afternoon. By this point, the heavy lifting for the week is complete, and the quality of the claret at lunch can have some small bearing on the exact timing of its release.

You missed a notable trade!

That is not a question, but an accusation. It implies one of two things: either your definition of ‘notable’ is more generous than my own, or I simply dozed off. I proceed on the assumption it is the former.