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Mea Culpa on 2019

Boy was that a rough last three months of the year for someone who was so sure about going short the semiconductor market the entire year. The semis, it turned out, was the best sector of the year and the one stock I had conviction in, on the downside, made me eat humble pie and then stuffed me with some more just to prove a point. The stock was AMD and that script took me to the woodshed on the short side. The last three months was a brutal run to the upside. So I make no excuses for the extent to which I was wrong on that whole industry and I have the losses to show for it. So what next?

Well the year in itself was not too shabby. With my initial goal of staying long the market and using hedges to protect the downside, my portfolio (sans the hedge) beat S&P by about 5% points and with the hedge lagged the S&P by about 6% points. So though I am not happy about the underperformance it is the price I pay for staying engaged in the market. The levels of hedge seem to be symmetr…

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