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One Hedge Fund CIO Explains His Life Through 4 “Market” Anecdotes

Courtesy of ZeroHedge. View original post here.

Continuing our eariler post on Eric Peters' latest weekly observations, here is a somewhat whimsical follow up, in which the One River Asset Management observes his life as 4 "market" anecdotes.

Anecdote: My life in four acts:

Act I: Coffee with my wife [building a portfolio to withstand known unknowns]

Eric: I ordered a coop that can house 8-15 chickens.

Mara: Why so big? I swore we’ll never have more than four chickens at a time.

Eric: I’m trusting my instincts on this.

Act II: Fresh from the farm [recognizing signs of an impending bear market]

Mara: We bought six chickens!

Eric: Six? I thought we’d never have more than four?

Mara: The farmer wouldn’t sell less than six.

Eric: But you were at the farm, surely you could’ve bought six and given two back?

Mara and Kiddies [glancing at one another, bewildered]: That thought never crossed our minds.

Act III: Dinner table chatter [unexpected correlations blow up quantitative risk models]

Olivia: We need to get another dog daddy. [enthusiastic nodding all around the table]

Eric: Are you all crazy, we just got six chickens?

Olivia: Exactly! With six chickens for us to love, Shackleton is lonely. He needs a companion.

Mara and Kiddies: [a clamor of incoherent arguments in favor of adding to our Golden Retriever long; indistinguishable from a panel of CNBC “buy the dip” talking heads]

Act IV: Text exchange [trapped, no market liquidity, coming to terms with a runaway loss]

Mara text: Look at these pictures!!! [embedded photo of three Golden Retriever puppies]

Eric text: I lost control of my life the day I met you, but am only beginning to realize it now. Did you buy one? Or all three?

Mara text: All three!

Eric text: Perfect, you know how much I’d hate to separate a litter.

Mara text: Call me.

Prologue: My life [delusions of a highly improbable event that gets you back to flat]

In the end, Mara bought one puppy. Which seems a more manageable position than three. So we all somehow feel like winners. My life is chaos, for better or worse. Wife, four kids, two dogs, six chickens, turtles, frogs.

And I frequently drift off, praying a pack of coyotes stroll in one stormy night, getting me back to flat.

For those unfamiliar with Eric Peters, here is a quick, 6minute breakdown of his investment approach.


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