1/ Kid woke me up and when I signed on I saw a lot of encouragement to block @MasaSonCap.

I may block him, but not because of what he said last night. More because he’s turning into a troll.

But, he’s opened up a good opportunity.

2/ I do not, and have never claimed to want to, run outside capital. I am a guy who came to Twitter to help me figure sharpen how I think about the world.

The way I process information is by talking/thinking out loud. I do better in groups.

I’m not that smart as an island.

3/ I have a lot of improvement to go before I could ever warrant wanting to be a hedge fund manager. On top of that, my head is screaming at me telling me I’d be much better served being a wealth planner. I suspect they add a lot more value to society, in aggregate.

4/ That said, I did have a pretty huge year and I’m proud of it. I didn’t bail in March (I deployed capital), I leaned on, and attempted to add value back to a network of people I’ve built over the years, and I bet heavy with my man @IgnoreNarrative.

5/ Given that my job is to invest on behalf of my family, I’d say I did a good job. For this year.

But I’m only as good as next year. And I have some things I really need to work on if I want to perform well consistently.

6/ My blog post Masa cited said I didn’t have answers. Guess what? I didn’t. I’ve never lived through a pandemic. I’ve never seen the economy shut down.

But, the month didn’t end on the 16th and I changed my mind as prices and facts changed.

7/ That said, I was vocally uncertain through much of the year. I remain uncertain today.

It’s very hard for me to understand how markets are ATH with all the devastation going on. But, I’m smart enough to know I don’t need all the answers. I just need to find my spots.

8/ The most important thing I can say is I am not someone anyone should be looking to for financial advice. Get your own advisor.

I have flaws. But, being fake isn’t one of them. I think the podcasts and my feed from the month are more indicative of my overall thinking...

9/ ...than my blog post.

I also wrote a blog post about the conviction to hold and sold my position the next week. So yeah, I flip flopped that month.

I do wish I got uber bulled up and bought some levered cyclicals.

10/ In fact, the most ironic thing that happened from March was me getting mad at my mom’s financial advisor for suggesting buying cruise lines. That said, he did do that before any Govt help and I told her to buy CHTR and TDG. So I still like my stance on a r/r basis.

11/ But, buying cruise lines would have been much smarter.

While we are on the subject of my stupidity, I also bought more Delta before I sold my position. I bought BKNG too early as well.

12/ So when I say I was vocal about buying in March I’m referring to when I talked on the podcasts, when I argued that there were opportunities out there, when I said that if you believe in time arbitrage you can’t wait to see the numbers before buying.

13/ I am also not claiming I bottom ticked the call. I bought on the way down. Which is why I acknowledge that I may just be the idiot that was bailed out.

But, if @MasaSonCap wants to use a letter I wrote early in the month against me, then it’d be nice to highlight

Because I did say the probabilities of a bullish investment scenario (1 and 3) exceeded the probability of a downside.

That said, I didn’t foresee how effective the stimulus would be. Otherwise I would have held on to RH.

And that’s a lesson I’ll try to remember forever.