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Christian Ryther of Curreen Capital at CoBF NYC


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Hey all,

 

Christian Ryther gave an excellent talk at the CoBF NYC Meetup a couple of weeks ago and I thought it would be of general interest to the forum. (6 vids in all)

 

 

We've got another one planned in October (check the events section), and we'd love to have more talks like this in the future. If you're interested please don't hesitate to reach out to me or zizou!

 

Cheers!

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Solid stuff. I liked his advice to look at odd lot tenders when you're 100% invested and not finding anything interesting--maybe you're getting an itch to do something, getting bored, etc. Odd lot tenders may only be a couple hundred bucks and meaningless to the AUM but it's a good way to keep your mind busy and you feel like you're "doing something" as opposed to just looking at (and passing on) overpriced stocks all day every day (which does get old after a while).

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Solid stuff. I liked his advice to look at odd lot tenders when you're 100% invested and not finding anything interesting--maybe you're getting an itch to do something, getting bored, etc. Odd lot tenders may only be a couple hundred bucks and meaningless to the AUM but it's a good way to keep your mind busy and you feel like you're "doing something" as opposed to just looking at (and passing on) overpriced stocks all day every day (which does get old after a while).

 

Yea, that's great advice. I do something similar by planning a small Vegas trip when I'm in danger of feeling an itch to "do something."

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  • 3 months later...
  • 4 years later...

 

 

I just happened to look at curreen capital's 2019 investor letter.  His return was 12% annualized since inception.  Based on the data in the letter, if he did not touch his positions in the last 3 months, his fund lost 45%. So now effectively his annualized return is 2.2% and he has a 100% return high watermark...... now that I think of it he was spinning his companies' story and while downplaying the risks and now he has been caught with his pants down (if he didn't change his positions significantly).

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Guest cherzeca

 

 

I just happened to look at curreen capital's 2019 investor letter.  His return was 12% annualized since inception.  Based on the data in the letter, if he did not touch his positions in the last 3 months, his fund lost 45%. So now effectively his annualized return is 2.2% and he has a 100% return high watermark...... now that I think of it he was spinning his companies' story and while downplaying the risks and now he has been caught with his pants down (if he didn't change his positions significantly).

 

I think this corona tide going out has shown many of us to be in full speedo mode.  i intentionally have 2/3rds of my portfolio in cash since I never want to work another day in my life, but my 1/3rd allocated to equities is definitely sucking wind.  the only guy who seems to have done well is ackman, who bought credit default swaps at an apparently very cheap price.  warren for one seems to have sold airline stocks at a point in time when you would think he would be greedy and not fearful...

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I just happened to look at curreen capital's 2019 investor letter.  His return was 12% annualized since inception.  Based on the data in the letter, if he did not touch his positions in the last 3 months, his fund lost 45%. So now effectively his annualized return is 2.2% and he has a 100% return high watermark...... now that I think of it he was spinning his companies' story and while downplaying the risks and now he has been caught with his pants down (if he didn't change his positions significantly).

 

I think this corona tide going out has shown many of us to be in full speedo mode.  i intentionally have 2/3rds of my portfolio in cash since I never want to work another day in my life, but my 1/3rd allocated to equities is definitely sucking wind.  the only guy who seems to have done well is ackman, who bought credit default swaps at an apparently very cheap price.  warren for one seems to have sold airline stocks at a point in time when you would think he would be greedy and not fearful...

 

Yup, anyone who has stocks right now "looks" bad. Thats just how it works during times like these. Remember all the market is rigged and investing is a scam talk from 2008-probably 2012? How "we'd gone nowhere since 2000" talk? Its just psychological and probably even counter productive to look at things from the angle of "here's what the returns look like after everything just imploded", no shit they look bad. Warren Buffett bought DAL at $48 and 3 weeks later sold at $24... His banks like WFC? Just as bad. It happens to everyone and its ultimately what squeezes out weak hands and creates opportunities for others.

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Yup, anyone who has stocks right now "looks" bad. Thats just how it works during times like these. Remember all the market is rigged and investing is a scam talk from 2008-probably 2012? How "we'd gone nowhere since 2000" talk? Its just psychological and probably even counter productive to look at things from the angle of "here's what the returns look like after everything just imploded", no shit they look bad. Warren Buffett bought DAL at $48 and 3 weeks later sold at $24... His banks like WFC? Just as bad. It happens to everyone and its ultimately what squeezes out weak hands and creates opportunities for others.

 

 

Gregmal, did you really read what I wrote?  I am calling out the fund manager for having the skill to be down 45% in a stockmarket that is only down 28%, AND while he has 16% cash.  A hedge fund is in theory supposed to lag the market in good times and beat the market in bad times. Funds like these are doing the opposite.  I am not knocking a middle age lady with all her investments in a 401k index fund.  At least she isn't lagging the market through this correction.

 

BTW Curreen, I assume you didn't alter your investments much in the last quarter, if you did better than -45% please let us know.

 

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Yup, anyone who has stocks right now "looks" bad. Thats just how it works during times like these. Remember all the market is rigged and investing is a scam talk from 2008-probably 2012? How "we'd gone nowhere since 2000" talk? Its just psychological and probably even counter productive to look at things from the angle of "here's what the returns look like after everything just imploded", no shit they look bad. Warren Buffett bought DAL at $48 and 3 weeks later sold at $24... His banks like WFC? Just as bad. It happens to everyone and its ultimately what squeezes out weak hands and creates opportunities for others.

 

 

Gregmal, did you really read what I wrote?  I am calling out the fund manager for having the skill to be down 45% in a stockmarket that is only down 28%, AND while he has 16% cash.  A hedge fund is in theory supposed to lag the market in good times and beat the market in bad times. Funds like these are doing the opposite.  I am not knocking a middle age lady with all her investments in a 401k index fund.  At least she isn't lagging the market through this correction.

 

BTW Curreen, I assume you didn't alter your investments much in the last quarter, if you did better than -45% please let us know.

 

What is the purpose of all this? He isn't an active member of this forum, so your request that he come here and report his recent results is just ridiculous. He has a fiduciary duty to his LPs, not to you.

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What is the purpose of all this? He isn't an active member of this forum, so your request that he come here and report his recent results is just ridiculous. He has a fiduciary duty to his LPs, not to you.

 

Tuffett, is the quarantine getting you crabby?  How do you think I got the numbers? He sends me a email every quarter telling me to check out his latest investor letter. I'll read about it soon enough!

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