Bit of a Rollercoaster

Well, the fund is in a reasonable place, ticking along nicely, but it could have been a lot better.  Having played Battleship correctly as it dropped on Thursday and Friday, I didn't have the courage of my convictions and flipped on Friday as I thought it would make it back up to $40M - how wrong I was.

Then yesterday, at one point I was up over 2% on the day thanks to shorting Men in Black 3, but finished the day only .23% up as people covered their shorts while I was sleeping.

Lessons learnt - have the courage of your convictions (and the MTC prediction is fairly accurate) and even if it'snot worth reshorting, it can be worth taking the money, waiting for the stock to rise and then short again.

As I said....

Once the H$30M barrier was broken last week, things have picked up well and the fund is on the way to H$32.

No news is good(-ish) news

It's been a while sonce the last post, mainly because there hasn't been much to post about - the fund is making reasonable, but not specatcular progress, as a result it has slipped from the 1% a day target.  This always seems to happen near a milestone for me (in this case making the first H$10M), I hover around just under the milestone, but once the barrier has been breached things pick up quickly again.

Maybe I should go away more often!

Coming back to the fund after a week and a half, I was dreading what had happened to it.  I was actually pleasantly surprised, nothing dramatic, but a decent steady increase in value.

All that gives a pretty reasonable graph for March, after a very bumpy start:

 And for the first week of April:

Week Percentage Gain:                +5.45%

Performane againgst 1% per day:  +H$580,000

 

Interesting day

Yesterday was interesting, I expected HGAME to hit it's low point whilst I was sleeping Monday night, so I set a limit order - I was right, but the nadir wasn't as low as I thought it would be, so it had already recovered quite a bit by the time I woke.  I expected it to come down again, but it kept going up and up - I had to hold my nerve as I couldn't understand why people were buying it at over H$400 - where was the profit?  Thankfully it started coming down again and I managed to finish with nearly a 1% profit on the day (thanks to the star bonds).  

I am going to be on holiday next week, so I will be shifting to some longer term investments and setting up limit orders to cash out the OMARS star bonds.

Weekly Update

Last Week               +15%

Month to Date               +27.61%

Progress against 1% per day = +H$1.25M

HGAME has really helped (obviously), so once it has dropped over the next few days I've got a challenge to keep up this progress.

If you don't ask you don't get

Having learnt my lesson yesterday, I asked whether the fund should be able to invest in star bonds (I was always taught, if you don't ask you don't get) - quite prepared for the answer to be that the description can't be changed after IPO - but the answer was yes.  So, after the dust has settled with HGAME over the weekend, there are a few OMARS and HGAME bonds that are looking attractive.

On a side note - I set myself the (possibly foolish) challenge of averaging 1% a day gain on the fund.  The poor start put a bit of a dent in that, but as of yesterday the fund was only H$270,000 off the pace (a week ago it was over 2 million off).