Dear Families,
September inflation printed at 3.7% against a consensus of 3.6%. We had positioned for 3.6%. Our research team continues to review whether the data was correct.
Following the October drawdown, we moved our principals fully to cash. Following Monday’s rally, we moved them back. Discipline is a process.
Crude traded above $100. Our energy desk initiated a position, having concluded at $70, $80 and $90 that it was too late. We are pleased to finally be early.
On a relative basis, we outperformed. On an absolute basis, we prefer to speak on a relative basis.
We remain long conviction and short evidence. Thank you for your continued patience.
Thornton Peake III
Founder & Chief Executive Officer, on behalf of the Investment Committee
Greenwich, Connecticut (Stamford)