Epstein Secrets

ee attached the Daily Portfolio Report for =/29. Have a great weekend! - Daily =ommentary - We added in two =dditional metrics into the report: (i) Sharpe since 1/1/12 and (ii) =ontribution percentage of exposures for T12M change in NAV. The latter =ill enable one to see what's "moving the needle" in t

exposures for T12M change in NAV. The latter =ill enable one to see what's "moving the needle" in terms of NAV change =ver past 12M. Best =egards, Michael J. Fowler - =ntl. Mobile Work Email - Trading Desk Email - The information =ontained in this electronic mail message is confidential information =ntended on

make the CDF much more volatile over time. Put another way, we use the randomness to make the distribution more stable. Overall this increases the Sharpe ratio and reduces volatility over time, in comparison to the alternative. Ultimately the CDF is driven by the market itself. There will be periods w

e majority of the gains are "significant," with obviously the greater the average the increased probability of monetizing the gains. Best Regards, Michael J. Fowler Intl. Mobile Work Email - Trading Desk Email - EFTA00374664 Sent From My Mobile Device The information contained in this electronic mail mess

d make the CDF much more volatile over time. Put another way, we use the randomness to make the distribution more stable. Overall this increases the Sharpe ratio and reduces volatility over time, in comparison to the alternative. Ultimately the CDF is driven by the market itself. There will be periods

majority of the gains are "significant," with obviously the greater the average the increased probability of monetizing the gains. Best Regards, Michael J. Fowler Partner/CIO - Intl. Mobile Work Email - Trading Desk Email - Sent From My Mobile Device <mailto The information contained in this electronic ma

hout dollar cost averaging into losers. In essence, would you think the results are more stable of someone who made 50% in a year even with a high Sharpe, wherein the sample size was (i) small in the number of positions and factors; (ii) profit factor driven by a small subset of the total trades, and

data." Sir Arthur Ignatius Conan Doyle (1859-1930. Scottish physician and writer, most noted for his stories about Sherlock Holmes) Best Regards. Michael J. Fowler Intl. Mobile Work Email - Trading Desk Email - The information contained in this electronic mail message is confidential information intended only

ithout dollar cost avenging into losers. In essence, would you think the results are more stable of someone who made 50% in a year even with a high Sharpe, wherein the sample size was (i) small in the number of positions and factors; (ii) profit factor driven by a small subset of the total trades, and

data." Sir Arthur Ignatius Conan Doyle (1859-1930. Scottish physician and wr ter. most noted for his stories about Sherlock Holmes) Best Regards, Michael J. Fowler Work Email - - Intl. Mobile EFTA00374714 Trading Desk Email - The information contained in this electronic mail message is confidential informa

losers. EFTA_R1_01953340 EFTA02673940 In essence, would you think the results are more stable o= someone who made 50% in a year even with a high Sharpe, wherein the sample=size was (i) small in the number of positions and factors; (ii) profit fact=r driven by a small subset of the total trades, and

ited. If you have received this communication in error, please i=mediately notify us by telephone, and delete the original message. Best Regards, Michael J. Fowler Intl. M=bile Work Email Trading Desk Email cmailt > <=iv style="font-family:arial;font-size:small"> The information containe= in this electron