Ari Pine is an independent trader in the equity, futures & f/x markets. After 10 years of trading gold and silver options on the Comex and proprietary positioning across global asset markets, Ari is putting together a research based framework for managing money. Ari holds a Bachelor of Science in Engineering from CalTech and a Bachelor of Arts in history from Wesleyan University. Prior to making markets in the Comex options pit, Ari has traded in a variety of markets and environments including: trading debt for JP Morgan, equity options on the PCX and proprietary positioning for a volatility hedge fund. In addition to trading he co-founded options data and research firm Premium Research.
My academic background is in Engineering and management.
Besides one basic accounting course at university my investment knowledge is self-taught.
Reading books, SEC filings, annual reports, analyst reports, blog posts, MOOCs, message boards and listening to select podcasts and conference calls has helped me enormously to evolve as an investor.
Lares Capital, a long/short fund that specializes in small caps, option strategies, and low-liquidity equities. The fund invests in both domestic and foreign securities.
You can contact us at firstname.lastname@example.org.
In 2015 I spent a lot of time learning about mREITs. I am left feeling they are almost as much a waste of IQ and education as doing my US taxes. I am trying to open an account with Interactive Brokers with the idea that I can do better than an MREIT..if I get 1.5% margin interest, not 6.5% to 8%
Luckily I was mostly a successful trader of mREITs and not a buy and hold guy. I did experience failure in bottom picking later in 2015 but noticed math genius, bond guru Jeff Gundlach seemed to get fooled worse in his "it's now safe to buy NLY" call in mid 2015.
I had an up year holding mostly build america bond CEF's NBB, & BBN. BUT I would have had the same money Feb 1 as Dec 31, 2015 if I sold everything Feb 1, as these CEF's fell about 11% into the summer before rebounding somewhat into year end.
I then fought to make it all back with mREIT Orchid Island ORC on a Scott Kennedy call. And some bottom fishing with MORL and CEFL...even using some margin.
So now I have a big tax bill on all the income I received when I could have sold FEB 1 with mostly long term capital gains taxed at only 15%.
Plus my margin interest of over $6k is LESS than the "standard deduction"...so I lose on that with no other deductible interest to add.
I ended 2015 holding about 90% cash. I expect stocks to be weak. I am looking for an entry point in High Yield funds with low commodity exposure. I am also interested in Muni's and BAB CEF's...But I enter January 2016 watching for some Puerto Rico effects on Muni's after their recent rally...& BAB's (tax free munis) trade similarly. I also like preferred stock CEF's but they can selloff with either stocks or bonds so I am looking for a better entry point. Midstream MLP's look interesting but have just had a furious Dec rally to the downtrend and may weaken with more bad oil sentiment.
There is a mortgage CEF I used to own that I like again. It yields over 6% but I need to update on the bid ask spread and general liquidity..
Bond rates are still weighed down by low yields in EU and Japan, and many other issues you can read about at sites like Kessler and Hoisington Investments but possibly we will get short term rise in yields due to weak foreign buying of Treasuries as in the December auctions.
This is a 'note to self' but if anyone reads it, feel free to msg me.
I am an experienced individual investor who has been trading merger arbitrage stocks and options since the 90's. I am a writer with a Master of Science from Northwestern University and I truly enjoy writing articles about the stock market. I try to look for opportunities where the odds are in my favor and there is a definite edge. On Seeking Alpha my articles will aim to provide insight and favorable risk/reward for the readers.However, I am not an investment advisor so any recomendations or ideas I write about in my articles, blogs, or comments shouldn't be taken as investment advice. I recommend using my writings as a starting point to which you should add your own research or that of an investment advisor.
"Any time you make a bet with the best of it, where the odds are in your favor, you have earned something on that bet, whether you actually win or lose the bet. By the same token, when you make a bet with the worst of it, where the odds are not in your favor, you have lost something, whether you actually win or lose the bet."
-David Sklansky, "The Theory of Poker"