Was engaged by client, to do an analysis of a $1.4 portfolio with $400k in stock, custodied at a ‘big-wirehouse’. Helped determine stop loses for major of positions. Very complex. Before Brexit we were happy campers, and after recent stock ‘melt-up’ in late June, most of July, glad we did not sell it all. But you cannot finish a job unless engaged, and was not able to get last of it all sold off, which I would certainly have done by now. Life is not perfect. Sell too early, too late, whatever. My experience is having bought and sold $300M in stock, so not quite a beginner. Cannot begin to tell you here, just give sense of activity.
The Yen ‘carry trade’ is driving it all now, and enough is enough. Trees to do not grow to the moon. Vix is at 12.02 and will not stay there. Steppest term structure in years, presages horror shown of stock collapse awaiting all. Not my time or place to explicate. Be warned. That is all.