Author: The ThumbTack investor

ThumbTack Fund. #$TR!J%@F()*&(*%#!!

This is the sequel to: Birth Of A New ThumbTack Fund: GFH Fund My luck couldn’t be any worse. I entered into 5 long positions for the portfolio, selling put options on AVGO, V, CTL and JNJ.  I’ve also sold calls on VXX (it’s a long position cos I’m indirectly shorting volatility). Total premiums: USD 2,557.99 4 of these were entered on Wed night / Thurs early morning… which was just 1 day before the carnage as the US markets dropped heavily in the Thursday and Friday sessions. Presumably cos of the hike in bond yields. Gosh. How irritating...

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Birth Of A New ThumbTack Fund: GFH Fund

I’ve spent the past several weeks since I’m back, trying to figure out the various methodologies, and what is the most commonly used (amongst professional money managers, that is) ways to track returns. Yes, it sounds trivial, but I’ve been taking it really seriously. I’d explain why later. As with the bulk of my DD done these days, I’m kinda lazy to type out my thought processes and findings, BUT I’d share my thoughts really briefly. Basically, I’ve come to realized that the Time Weighted Returns (TWR) and the Money Weighted Returns (MWR) can be drastically different for the...

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“Treh-Bu-Quah!!!”

TTI is back after a 1 month hiatus. I’ve been ticking off life goals… in an earlier post, (It’s somewhere around here. Lazy to go dig through and link it to this.) a reader commented that I should visit Mont Saint Michel in France over the famed Meteora in Greece… and since he’s actually visited both and stayed in France for some time, I’d defer to his expert opinion. So I did. And this is really as close as one gets to being Jon Snow. I mean… This is Harrenhal in GOT: And this is real-life Casterly Rock: And of...

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11% Returns In A Single Day. Thank You Blue Orca Capital!

Damn, the title looks so clickbait-ish. Except it’s not: Approximately USD 5.5K + of returns in 1 day, with an invested capital of approximately 50K +. Here’s the story. 3 days ago, Blue Orca Capital released a short attack on data centre operator, GDS Holdings. You can read the specifics here: https://static1.squarespace.com/static/5a81b554be42d6b09e19fc09/t/5b6070a60e2e72e41d0d78aa/1533046975799/Blue+Orca+Short+GDS+Holdings+%28NASDAQ+GDS%29.pdf BTW, I love how they open their short sell reports: “THIS RESEARCH REPORT EXPRESSES SOLELY OUR OPINIONS. We are short sellers. We are biased. So are long investors. So is GDS. So are the banks that raised money for the Company. If you are invested (either long or...

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Wow. In My 4 Years Of Experience In Options… This Is A First.

I wasn’t intending on a post so quickly after the previous one. But this is quite crazy. Some recent positions have done really well, really quickly. I’ve written, in real time, about each of these positions in InvestingNote. First, I bought some shares in Singtel at $3.12, trading it a mere 2 days later at $3.25, which is pretty good. I don’t really wanna write too much about this cos lotsa guys own Singtel, and it hasn’t been very rewarding. Many tortured souls out there, don’t want them coming up to me with pitch forks. Next, I built a...

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TTI: “I’m Sorry, It’s All Over Between Us. I’m Breaking Up With You”

Dear Disney, I’m sorry it has to end, but it’s all over between us. I’m breaking up with you.  I know, I know, we only really just got together barely a month plus ago (FY18Q2 -“Fun Isn’t Something One Considers When Balancing TTI’s Portfolio. But This…(heh heh heh heh) Does Put A Smile On My Face.”) Look, I’m not a player. I really thought we were going to last… I mean, we really connected the past month, didn’t we? We had really really good times together and I really planned on holding on to you. Some nights… oh my....

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Smile Just Got A Bit Wider

Thanos snaps his fingers and half the multiverse population disappears. TTI snaps his fingers and US ROI doubles. Yea, if u haven’t figured it out, TTI is a fan of Thanos. Avengers? Bleh. I don’t understand why is Thanos the villain. I know I’m the odd one out cos when I discussed my views, none of my friends agree. Yet, why exactly, is he the villain? He just wants to balance the universe. He’s not doing it for personal gain, he doesn’t gain anything. The glove’s destroyed after he used it btw. Yes, it looks like population genocide, but...

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FY18Q2 -“Fun Isn’t Something One Considers When Balancing TTI’s Portfolio. But This…(heh heh heh heh) Does Put A Smile On My Face.”

What do these have in common? Answer: Thanos, Tesseract, TTI, Thor are some of the most powerful characters/relics around……. oh, oh, and also, all of them belong to the Marvel Cinematic Universe, the rights of which are owned by The Walt Disney Company since 2009, and of which TTI is a newly minted shareholder. (And still increasing my position gradually via options). Infinity Wars has also garnered $2bil in ticket sales worldwide… and counting. The company garners $8bil in FCF every year, and what’s even better is that instead of distributing that in the form of dividends, the management...

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TTI’s Short Hedges

Since my previous post on Dutech (Dutech Holdings FY17’s AGM), the company has released it’s FY18Q1 results and I’ve had time to peruse it. I feel pretty much  vindicated, although the headline news don’t quite describe it as such. Anyway, maybe I’d write about some new findings in the next post. Of late, markets have been on a tear. US earnings season is well underway and in fact, near completion. Judging from how the S&P index has been performing, it seems like the general consensus is that good times are back, and that the earnings thus far, have met...

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Dutech Holdings FY17’s AGM

1stly, something unrelated to Dutech Holdings. I drove down to BBR Holding’s project, The Wisteria to take a look today. Kinda disappointing that the project is taking so long to TOP. I was informed by sources a few months ago that it’s slated to TOP in mid April. So, obviously, they’re late, cos today it still looks like this: Officially, the given time frame for TOP is announced as Q2, so the project is not considered delayed. (But unofficially, I know it is) I can see the signboards of the various tenants though, so it can’t be too far...

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Convertible Bonds + Bye Bye LTC!

Zero posts in the past few weeks, and for good reason too. Phew. I’ve been busy working on the convertible bond offering, and finally, I’ve some tangible results to show for it. As I was discussing with a friend, life is really funny sometimes. Sometime ago, I was looking for potential co-investors and not getting much headway after meeting many different folks. Barely a week later, I’m now kinda flooded and am not really looking for any more capital. There’s a limit to the amount of convertible bonds that’s allotted to me anyway. I have to keep some for...

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1Q 2018 Report Card

1st up, I’d clarify, as I’ve always done so for previous quarterly report cards, that I track returns using XIRR. So this means that the time value of cash is taken into account in the results, but it also skews the annualized XIRR figures for now, as it’d assume the exact same rate of return for the rest of the year. For 1Q 2018, STI ETF produced a XIRR of 4.01%, inclusive of dividends. TTI’s portfolio, inclusive of US holdings and options, produced a XIRR of 6.22%.  AUM grew to $1,462,273.22, inclusive of capital injections, of which almost 35%...

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An In-depth Look Into Volatility By TTI

I swear I did not time this article. LOL. Barely 6 weeks past the previous armageddon scenario with VIX going ballistic, it seems like everything’s beginning to repeat itself. In the previous post (The Big Short: TTI’s Version. But Where Are My Millions?!), I wrote about my personal experience. Since then, I’ve spent the past several weeks understanding volatility and its derivatives more. This is an add-on to the previous post, and hopefully, a dissection of my new insights. There hasn’t been any new updates here for a while, as I’ve been bustling around. As mentioned in my earlier...

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The Big Short: TTI’s Version. But Where Are My Millions?!

SG TTI has a new feature! Right there, at the top bar, under “Latest Corporate News” will be a newsfeed, run by PRNewswire Singapore. Check it out. It’s not very user friendly right now though tbh, I’m not sure if they can incorporate it into the side bar or something, so that it’s constantly running. (They probably can, but I dunno how to) Let’s see if they can do it up better for SG TTI. A long time reader recently emailed me to discuss about my macro views. (I’d leave it to him whether he wants to identify himself...

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“Where Art Thou, White Knight?” – LTC Corporation’s Privatization Offer.

My style is to normally have some frivolous stuff at the start, before jumping into the hardcore investing stuff. But since I’m here paging for some deep pocketed white knight to look at unlocking the value for LTC Corporation (further), I’d better just get into it right at the get-go. Last Friday (I think it was the 9th Feb), was one of those rare days whereby I literally bounced around with a spring in my step. EVERYTHING went well for me that day. Like everything. But I’ll just talk about 1. It was 1 of those days whereby I...

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