Tactics

Judicious Equity Capital Application To…

1. Generate Positive Absolute Returns +
2. Maximize Sharpe Ratio

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1. Long/Short U.S. Equities/Sector ETF’s + Multi-National ADR’s/ETF’s
2. Contrarian + Special Situation + Value
3. Enterprise Scale = Large Capitalization

**FICC = Distinct Focus = Cross-Over Equity Impact**

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1.  Sharpe Ratio = Risk Adjusted Return Calibrant
2.  Absolute Return – Risk Free Return/ St.Dev. Returns * SQRT [Time Period]
3.  Higher Sharpe Ratio = Lower Capital Draw-Down

**Unhedged Risk = Precisely Measured = Only In Hindsight**

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1. The Economy = Not The Equities Market
2. No Compete = SPY/DIA/QQQ/IWV
3. “Not Everything That Counts Can Be Counted”