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Late in May, I put together a post called The DMC Challenge in which I put together two hypothetical portfolios: one had nothing but my favorite short ideas, and another had nothing but my favorite long ideas.
It’s been quite interesting to watch. As of today, the short portfolio had suffered a hit of about 8.1%. However, the long portfolio was up 25%. In other words, in the face of this ascending market, my long ideas outperformed my short ideas 3-to-1. One could have taken positions in every single long and short idea and still be ahead by about 17% over the past five weeks or so.
Here are the top three worst performers in the short portfolio (for instance, NLS has gone up 64%, which would be very bad for a short position):
After the market closed on March 24th, I put together a spreadsheet of what I considered the 15 best “buys” in light of the virus sell-off. Here, in retrospect, are the 15 of them, a little more than a month later. I have placed in the caption the percentage change since I put the spreadsheet together. They are shown from worst performance to best. Ironically, the weakest performance was from none other than Gilead. I have put the percentage change in the caption of each chart.
I have kept track of every short from last month (although long since covered) from my entry point. Just for the hell of it, here are the three short sales which have lost more than 70% of their value from my entry point.
Kindly refer to this post from last week. In it, I declared: “Well, since I was insane enough to make such a prediction on the biggest “up” day of literally all human history, how about I go even more insane and suggest the next major support level? Wild Ass Guess=2750 or so.” Here’s the chart I provided at the time: