不惧浮云遮望眼,轻舟已过万重山

来源: 岛上农夫于 2019-12-23 09:25:11 [档案] [旧帖] [给我悄悄话] 本文已被阅读：次 (1776 bytes)

地主们还在做十年一千万的美梦, 我们已经轻舟已过万重山.一年一亿不是梦.

hard for me to input in Chinese on vacation...

Reviewed last year's performance -- more than tripled networth.

here is a snapshot of the small account of my wife we managed -- it almost tripled from $6mil to 17.5m, including last Christmas' drop of 25%. managed LLC/partnership account cannot be disclosed.

地主们have three wrong understandings about financial investment:

1. market direction -- both TA and FA are useless.

It is entirely not true you only make money in bull market. Case in point, the account is down about $50000 on a very calm and up day because I added about $1 million short position.

2. leverage and risks

it is entirely not true more leverage = more risks.

The account net 17.5m, with 60m long and 50m short positions, with leverage ratio of 120m/17m about 6. In the past year, the leverage has went from anywhere from 1 to 25. There is no way 地主们has this kind of leverage and liquidity -- we can move from leverage 25 to 0 with one click of a mouse, and we can move from net 100m long to net 100m short in a plit second, iff my model tells me.

3. taxes

the best part, the entire cap gain are tax-free since we are offshore -- yes, legally, and perfectly, and permanently 0% taxes.

Hope this put to end the dispute between 地主 vs. "炒股".