Epstein Secrets

From: Michael Fowler To: Lesley Groff <1 Subject: ATours - Daily Portfolio Report 2/7 & 2/10 Date: Wed, 12 Feb 2014 00:54:25 +0000 Attachments: Atorus_BacktestNAV_021014.pdf; Atorus_Ba

From: Michael Fowler To: Lesley Groff <1 Subject: ATours - Daily Portfolio Report 2/7

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

From: Michael Fowler To: Lesley Groff <1 Subject: Re: ATorus - Daily Portfolio Report

From: Michael Fowler To: Lesley Groff <1 Subject: Re: ATorus - Daily Portfolio Report 2/6 Date: Fri, 07 Feb 2014 19:20:00 +0000 Attachments: Atorus_BacktestNAV_020614.pdf Lesley, My

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

From: Michael Fowler To: Lesley Groff <1 Subject: ATorus - Daily Portfolio Report 2/6 Date: Fri, 07 Feb 2014 18:57:21 +0000 Attachments: Atorus_BacktestNAV_020614.pdf Lesley, Please

From: Michael Fowler To: Lesley Groff <1 Subject: ATorus - Daily Portfolio Report 2/6

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

From: Lesley Groff < Sent: Friday, May 30, 2014 2:29 PM To: Jeffrey Epstein Subject: Fwd: ATorus Daily Portfolio Report 5/29 Attachments: ATorus_BacktestNAV_052

From: Lesley Groff < Sent: Friday, May 30, 2014 2:29 PM To: Jeff

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

From: Lesley Groff < Sent: Wednesday, February 12, 2014 4:13 AM To: Jeffrey Epstein Subject: Fwd: ATours - Daily Portfolio Report 2/7 & 2/10 Attachments: Atorus

From: Lesley Groff < Sent: Wednesday, February 12, 2014 4:13 AM T

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

From: Lesley Groff Sent: Friday, February 7, 2014 7:23 PM To: Jeffrey Epstein Subject: Fwd: ATorus - Daily Portfolio Report 2/6 Attachments: Atorus_BacktestNAV_

From: Lesley Groff Sent: Friday, February 7, 2014 7:23 PM To: Je

thout dollar cost ave=aging into losers. 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

From: Lesley Groff Sent: Friday, February 7, 2014 7:25 PM To: Jeffrey Epstein Subject: Fwd: ATorus - Daily Portfolio Report 2/6 Attachments: Atorus_BacktestNAV_

From: Lesley Groff Sent: Friday, February 7, 2014 7:25 PM To: Je

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