Blog
We publish our investor letters and other thoughts here.

October 2022 Investor Letter: The Markets Make a Comeback

Market Summary The markets made a strong comeback in October. The Dow gained 13.95%, posting its best month since 1976. All major...

September 2022 Investor Letter: The Bear is Very Much Alive

Market Summary September was another tough month for equities. The Dow Jones tumbled 8.8% to end in a bear market, the S&P 500 fell 9.3%...

August 2022 Investor Letter: The Markets Search for Direction

August was another volatile month in the markets. The markets initially rallied on expectations for a more dovish Fed. However, this...

July 2022 Investor Letter: Much Needed Relief

The markets experienced some much needed relief in July as all major indices posted their best month of 2022. Although still in a bear...

June 2022 Investor Letter: A Bear Wakes from Hibernation

June was another tumultuous month in the markets, with the S&P 500 officially entering bear market territory. The S&P 500 was down 8.4%...

May 2022 Investor Letter: More of the Same

May was another volatile month, with the S&P 500, Dow, and Nasdaq all bottoming on May 20th. The S&P 500 hit bear market territory in...

April 2022 Investor Letter: The Fed vs Inflation

During April, the Eta strategy lost 5.1%, significantly outperforming the S&P 500, which lost 8.8%. Our average exposure was 40%, showing...

March 2022 Investor Letter: Volatility Reigns

March was a volatile month, with the S&P 500 losing more than 4% to start, then roaring back to end up more than 3%. The latest rebound...