At the begining of January I moved my focus away from the daily rigors of being held accountable to my blog, to building out our new team and business.
All the while, I've been getting a lot of requests for updates on our operational progress and MCM's year to date portfolio performance.
With regards to the latter, at February's month end prices, MCM's Global Long/Short Equity portfolio is +1.86%.
From a top down perspective, many of the MCM Macro Themes that we spoke to in Q4 of 2007, helped drive performance. Inflation and Fed Centricity were two of the obvious ones that helped our net long positions in gold and silver, while our 'Global Basic Food Consumption Growth will takeover from the consensus "Its Global this time" Industrial Production Growth story in 2008'-Dec07' theme has proven to be very additive to some of our core short positions like Einstein Noah Bagels (BAGL), which is captive to wheat prices.
MCM's performance compares favorably against all of the major US indices:
2008-to-date: Dow (7.53%), S&P (9.38%), Nasdaq (14.36%), Russell (10.42%)
With respect to the former, I'm looking forward to updating you all on our new company name and key executives in the coming weeks.
Our new offices are set to open at 111 Whitney Avenue, in New Haven, CT on April the 1st.
Best,
Keith
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