Greetings!

I just sold: MMR @ around 18.00

GMO @ around 3.51

SPU @ around 6.33

MRZ.V @ aropund 2.08

MXI.V @ around 0.53

I started putting on new positions at the start of the year. My gut feeling at that time was that it would be a tough year and my best guess at that time was that the easy money was probably gone. After 10 weeks my portfolio is back where I started at the beginning of the year. I am fighting way too hard to make some money here. The message here is very clear: My trading style is not the right one for this kind of market and I am not in sync with the market. I am obviously fighting the tape. The last 2 weeks I have indeed felt strangely out of sync with the markets. This is a very powerful warning signal. There is no way I am going to ignore it.

I know some of you won't like to hear it - but going to cash here serves two purposes. I am protecting my capital and above all I am protecting my mental capital. Time for a short break. I will reassess the situation and start from scratch with new positions soon. My website and public list will continue to be updated on a regular basis.

A great way to support my work is to tell your friends and family. Thank you!

Positions:

100% Cash