July 2023 Returns Update

Hello OpTrackers,

Given it has been several months since my last update, I wanted to revisit prior write-ups and update everyone on performance on the ideas so far.

Summary of Returns

Additional Commentary

• BIVI: Given the fairly quick decline in the share price relative to a strong market overall and high borrow cost, I am closing this position as of today and booking the win.

• PCT: This position has obviously moved against me dramatically, but I believe the analysis still holds.

  • The low cost to borrow makes this position less painful to continue to hold.

  • Again, this blog is never investment advice, but I am a big believe in John Hempton’s philosophy on constructing a short portfolio and this would be an example of why.

Please Note: I track these as a theoretical exercise and anything written on this blog should not be used as investment advice. Please consult a financial advisor before investing a dime of your own money. Additionally, these returns don’t perfectly capture borrow costs (or capture other potential offsets to returns at all) and realized returns may differ materially from the results shown here.