November 2023 Position Updates

11 Write-Ups In and So Far We're Batting 0.800 - 0.900

Hello OpTrackers,

Apologies for the flurry of recent posts - I don’t mean to spam you but there has been a lot of news and opportunities recently. We’ve reached the end of November and so we’re due for the monthly update on the performance of our thesis that we can generate alpha by following good and bad actors.

Here’s where we stand performance wise:

I am very pleased with where this stands. If we can maintain an 80-90% batting average net of borrow costs, that would be insane. I do not expect this to continue, but I will give it my best effort. So far, these are encouraging results and I hope you’re getting value out of following along.

Position Commentary

• NVAC: Candidly, I expect this SPAC will ultimately just wind down and return the cash as other SPACs have done recently. If that were to happen tomorrow we would generate a negative overall return but positive alpha. We’ll just have to wait and see.

• PCT: I would direct you to Bleecker Street’s recent tweets for the latest news. I continue to expect this stock will ultimately end at $0.

• KLSO: At the last update KLSO was up to two investments and they’re now up to 3 investments. None of their investments have reached an endpoint yet, so it’s still a little premature to judge the management’s team acumen here. We will just have to continue to wait and see.

• LICY: Sigh, it is what it is. The write-up is less than 2 weeks old and sometimes you just get squeezed! Let’s see how it does over the long-term. This happened with PCT back in July and look where we are now…

For the other names on the list, I either have nothing to add and/or the positions were written up so recently there really couldn’t be anything to add. Any major developments I will update intra-month.

If you know anyone who might be interested in getting these write ups and following along with the performance, please smash the share button below :) We are still early days and every incremental subscriber means the world to me.

Until next time!

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.