Not much intraday action again today, as the markets opened a bit higher once again and have faded lower most of the day once again. You can’t force a turn. The prices in a lot of our names are getting closer to a place where I’ll likely start to do some tranche buys, but I’m still comfortable with a heavy cash position and lots of hedges in the portfolio overall for now.

Dollar Tree remains in free-fall and is now down nearly 30% from where we shorted it originally. I’m not covering any of that short yet, but I am indeed kicking myself for not having bought puts in the name in addition to shorting it.

Great Uncle Buster – How He Made 150 Million Dollars

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