YEAR TO DATE (2021): SPY: +21.98% VT: +17.15% STI: +8.44% TTF: +53.82% SINCE INCEPTION (FEB 2020): SPY: +26.15% VT: +22.99% STI: -1.41% TTF: +82.40% For reference, last TTF report: https://thumbtackinvestor.wordpress.com/2021/04/18/thumbtack-fund-report-8-what-are-these-bots-doing/ Note: Returns are MWRs, all figures in USD TTF’s NAV: USD 1,199,086.20 Deposits/Withdrawals: USD 774,276.48 Nett capital gains since inception: USD 424,809.72 As you can see, I don’t typically like to use leverage. But in the past few months, particularly in July, TTF took on the most leverage it has ever done, in a very short time frame. Basically I had a high conviction opportunity and wanted to build some crazy ass positions, yet was reluctant to liquidate existing positions, and didn’t want to suddenly flood the fund with fresh capital injections either, hence the sudden increase in leverage....