02/25/2008

G/L	10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

2.5%	2.1%	2.8%	14.2%	32.0%

Feb 2008 Result

Feb 2008 Return: 1.1%

A modest 1.1% gain.

01/22/2008

G/L	10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

-0.6%	6.2%	10.4%	49.5%	99.2%

Did the market panic this morning? Or does it indicate further drops ahead?

Jan 2008 Result

Jan 2008 Return: -7.4%

SPX dropped approx 50 pts during Thursday and Friday. This is not a pretty
ending for January tradings.

01/17/2008

G/L	10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

-2.0%	4.6%	2.4%	30.3%	77.6%

What a market!!

SPX dropped about 150 pts from mid-December.

RUT dropped more than 100 pts.

Treasure bond keeps making new highs...

:-O

01/14/2008

G/L	10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

1.2%	1.0%	0.1%	3.6%	11.0%

01/07/2008

G/L	10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

-0.8%	2.7%	0.0%	32.0%	88.5%

01/02/2008

G/L	10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

-0.1%	2.8%	1.8%	25.5%	76.2%

12/26/2007

G/L	10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

1.2%	1.8%	0.2%	10.2%	37.7%

2007 Review

Here is a review of 2007 trading results:

Jan 2007: 5.6%
Feb 2007: 2.4%
Mar 2007: -15.0%
Apr 2007: 9.8%
May 2007: 5.8%
Jun 2007: 4.9%
Jul 2007: 10.0%
Aug 2007: -35.0%
Sep 2007: 12.0%
Oct 2007: 1.8%
Nov 2007: 9.4%
Dec 2007: 13.4%

Simple Average Total: 25.1%
Exponential Average Total: 13.3%


The index gambling trading started as usual this year. However,
the market soon had a very large single day drop on 2/28. This has
directly caused the 15% loss in March. It took two months (Apr & May)
to get back what had been lost in one (March).

Trading during the next two months (Jun & Jul) were relatively quiet. But the
market turned extremely volatile in August when the sub-prime mortgage
explosion rattled the whole market. As the credit market liquidity
disappeared, it has eventually triggered the stock market panic on 08/16.
August trading ended with an unprecedented loss of 35%.

Although the stock market zigzagged during the rest of the year, the
trading was relatively stable, largely due to very tight risk control. The
year of 2007 eventually ended with a profit.