2007
Performance +30%
MDD -2.99%
Another year, and another dollar
(or two!)
This month was characterized by
continued market worries over the credit
market fallout, and finished off
with worries over global political
stability following Benazir Bhutto's
assassination.
As for my trading, I danced
around being flat all month, and
finally had to settle for a small
loss of 1%. Having come off an
equity high the previous month, this
means that the year also finished
within 1% of an all-time equity high
- which is very encouraging.
As for the year in general, I
have to say it was a difficult one
for me. In overall
profit terms it is the weakest
annual result I have posted to-date,
yet my risk control was
extraordinarily good.
Nonetheless, I think the
equity curve and volatility charts
say it all. I was patient
while things weren't working out,
and capitalized on better conditions
when they finally returned.
By comparison to the hedge fund
industry the result is still world
class, as it has been since I
started these reports in January
2004.
For me the New Year is always a
time of reflection and goal setting.
I am pleased with the result,
particularly because I found making
profit this year to be tough.
While hindsight is a wonderful
thing, the final figures
suggest that I was undertrading to
some extent, so I have got something
to work on for the year ahead!
Wishing all readers a very happy
and prosperous New Year and where
appropriate, tax problems!
