Friday 3rd April 2020

Morning

• Sold to open: AAPL, Z, DJ600, RR. Bearish. AAPL was yesterday, but late.
• Closed: SX7P fut. No longer hedging very modest put posn.

Summary: transferred £xxxk to fund mortgage, so now maint. margin is ~50% of equity, so quite high risk. Stops on everything. Biggest posns. still TSLA and RUT. TSLA is high risk: deliveries announced yesterday. No great pop, but Musk still appearing to show good production and sales.

Asked a question of Bill Fleckenstein about which bonds are best to short in the time of Covid-induced inflation. We’ll see if he answers.

Afternoon

Got a bit more confident in the afternoon as markets continued to sag.

Sold GDS, BKNG, VNQ and added to short positions in DAX, SC, CACC, TLSA.

Overall, it was a good day, after being quite badly down earlier. Biggest contributions to profit were RUT, CACC, MHI, XLF, FTMIB, GC, DX, ZAR, FXI, SC (and good contribs from my smaller short positions in crappy stuff like ALLY).

Losses from TLSA AND STNG and BA. TSLA up on the usual fraud, BA on hopes of a bailout. I could still come very unstuck on BA, but I hope that they won’t have the nerve to make the stockholders whole.