PORTFOLIO UPDATE: HEDGES ARE CALLING
Shortly after the market close, I tweeted the following:
I will have a full analysis of this decision in a post to come shortly.
Coming into today, the portfolios were sitting at roughly 85% long with 15% in cash. The 15% was put to work in TZA, bringing long exposure down to 70%. Since I don't use margin, this is as exposed to TZA as I will get unless I begin trimming back positions, which I am not close to doing here. My maximum TZA exposure goes as high as 25% of total portfolio, if need be.
Following this trade, the portfolio consists of WMIH, SPNS, PRXI, MITL, UPIP and TZA.
