Through August our year-to-date net weighted average return was +4.99%. Our net average return by strategy:
Since 2015, we have generated a net weighted average return of +62.09%.
It has been said that bull markets end in one of two ways: They climb the wall of worry until there is no more worry and the markets run out of steam as widespread investor euphoria exhausts the availability of the next marginal buyer. Alternatively, a negative shock with the power to destroy global GDP in the magnitude of trillions of dollars comes out of nowhere and surprises everyone, leading to a mad rush for the exits.