$TDW Got an email from Bob to make sure I saw his 13F…super classy guy. He put a LOT of his fund in $TDW well under $20 and the stock has 5x+. Honestly, surprised he didn’t take some money off the table sooner given his size. Believe he remains bullish on the company (I will let him speak for himself); people managing client capital have to respect risk management and concentration. Guy is a legend and owes us all nothing and pure class that he reached out. Meeting Bob has been one of the extra gifts of my $TDW investment and we are all better to be involved with him. Class act.

Hedge Fund Stories: Calling a trader for "color" One of the pains of market neutral, or really any hedge fund seat, is the moment you are asked to call a sell side trader to "get color" by your PM. In market neutral land, a position that falls out of bed by 2-3% relative is a "big deal." Everyday is honestly the "super bowl" when you are hedged super tight. So you find yourself on this call...and the call happens because you work at a place that pays the street so much that they have to talk to you...so you are on this call, and the sell side guy can say things like "seeing 1-2 long only [buyers/sellers] and 3-4 hedge fund [buyers/sellers]...also seeing someone 'in the darks [pool]' and blah blah blah..." Now, nothing is actually said. I mean, to be clear, nothing is actually useable by a human. They are the sell side and can't betray another client - even though your boss expects them to. If the stock is going down (ie you are long), or the stock is going up (ie you are short), whatever the trader tells you just sounds bad. Every long only move against you is being made by a Fido fund with an AUM of $900+ billion and every hedge fund flow against you is coming from Druck or Tepper....at least it sounds that way....You then find yourself in the awkward position of having a discussion with your boss about what you just heard, and you are doing it from a defensive position because you are offsides...yet you really have just wasted 30-60 minutes getting useless information to placate someone. The sum total of all of these experiences is a big waste of time and high likelihood of making a compounding mistake. The ability to just disregard everything..."feels like a day for the machines"... and stay medium to long term focused, is one of the last big "arbs" in the market. It is a luxury that most pod bros don't have. They must play momentum and often end up negative gamma trading - because the incentives and structure are so brutal. In the end, we are all slaves to our risk model, our boss and the market...and if anyone knows $V and $MA are up but fins are down today...please let me know...