One River Asset Management, LLC | Terms of Use

This website is the property of One River Asset Management, LLC (“One River”). One River is registered with the Securities & Exchange Commission (“SEC”) as an investment adviser. One River is also registered with the Commodity Futures Trading Commission (“CFTC”) as a CPO and as a member of the National Futures Association (“NFA”). Neither registration with the SEC and CFTC, nor membership with the NFA implies a certain level of skill or training. All investing involves risk of loss, including the possible loss of all amounts invested.

Access to this site is conditioned upon your acceptance without modification of the terms, conditions, and notices contained herein. By accessing this website, you signify your agreement with, and understanding of, the terms of use and legal information pertaining to both this site and any materials contained herein. One River reserves the right to change the terms, conditions, and notices under which this site is provided at any time and without notice. Continued use of the website after updates constitutes acceptance of the revised terms.

You agree that the information on this site may not be transmitted (in any form) to any other person without One River’s prior written consent. All materials on this site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions or disclosures apply to any partial document or material in the same manner as they do the whole and will be deemed incorporated in the portion of any material that you consult or download.

Restricted Access

Information on this website is strictly limited to individuals and entities who qualify as “Qualified Eligible Persons” as defined in CFTC Regulation 4.7. and “Accredited Investors” as defined under the US Securities Act of 1933.

Access to this website from certain countries may be restricted by law and you are required to determine that you are permitted to access it

NOT INVESTMENT ADVICE OR A PUBLIC SOLICITATION

This website and the information contained herein are for informational purposes only and do not constitute a complete description of our investment management services or investment vehicles. It is not intended as investment advice. The information contained herein constitutes neither an offer to sell nor a solicitation of an offer to purchase any securities. Such an offer will be made only to qualified investors by means of a private offering memorandum and related subscription documents and only in those jurisdictions where permitted by law.

INVESTMENT RISKS AND PERFORMANCE INFORMATION

Hedge funds and other alternative investments are illiquid, subject to a substantial risk of loss and are not suitable for many investors. An investment in a One River investment strategy is subject to a variety of risks, certain of which are disclosed in the relevant investment vehicle’s private offering memorandum.

Past performance is not necessarily indicative of future results and is no guarantee of future returns. Return objectives are only targets and may not be achieved. Performance figures are unaudited estimates and are based on information from third-party sources that may be inaccurate or incomplete. Any comparison to an index is for illustrative purposes only. The investment strategies and risk characteristics of One River investment strategies are typically different from those of an index. Individual returns may vary due to, among other things, the timing of capital contributions and withdrawals, side pocket investments, tax withholding, special allocations of new issues and/or different fee arrangements.

One River believes that the information it provides is reliable. Nevertheless, neither One River nor its agents are liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information. The information contained herein is provided without any warranty of any kind.

OWNERSHIP OF SITE, COPYRIGHT AND SERVICE MARK

This website is the property of One River. The One River website and any and all accompanying screens, information, materials, user documentation, user interfaces, images, arrangements of information, related software and other proprietary property of One River or its licensors is and shall remain the exclusive property of One River and its licensors, as the case may be. All rights to the website remain with One River or its licensors. This site is for your personal and non-commercial use. You may not modify, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer or sell any information, software, products or services obtained from this site.

UNAUTHORIZED ACCESS

You acknowledge that any information provided through the internet may be potentially accessed by unauthorized third parties. Although One River will make reasonable efforts to protect the privacy of users of this site, no guarantee can be made that unauthorized third parties will not access the information contained on the website. You acknowledge that One River is not necessarily responsible for notifying you that unauthorized third parties have gained such access or that any data has been otherwise compromised during transmission across computer networks or telecommunications facilities, including, but not limited to, the internet.

PRIVACY POLICY

You acknowledge that you have received notice of One River’s Privacy Policy.

LINKS

One River has not necessarily reviewed unaffiliated sites linked to this site, if any, and is not responsible for the content of off-site pages or any other site linked or linking to this site. Your browsing of any off-site pages or other sites is at your own risk. One River makes no representations whatsoever about the opinions of any third party appearing on a linked site, neither regularly monitors nor has control over the contents of such sites, and does not endorse, and disclaims all responsibility for, the content of such statements or websites.

NO WARRANTY OR RELIANCE

Performance information, market analyses or data or other information is not warranted by One River or its affiliates as to completeness or accuracy, express or implied, and such information is subject to change without notice.

The website, including information and materials contained in the website, text, graphics, software, links and other items are provided “as is,” “as available” without warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law. Without limitation, One River does not warrant the accuracy, adequacy, completeness, reliability, timeliness or availability of the website or any information on this site, and expressly disclaims liability for errors or omissions in the website. There is no warranty of merchantability, no warranty of fitness for a particular purpose, no warranty of non-infringement, no warranty of any kind, implied, express or statutory, in conjunction with the website. Any contents on this site are subject to change without notice. One River further assumes no responsibility for, and makes no warranties that, functions contained at this site will be uninterrupted or error-free, that defects will be corrected, or that the site or the server that makes it available will be free of viruses or other harmful components. Please note that some jurisdictions do not allow the exclusion of certain warranties, so some or all of the above exclusions may not apply to you.

In no event will One River be liable for any damages, or for repairs or corrections that must be performed, to or on your computer, person or other property, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the website or use thereof or the inability by any party to use such site, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if One River, or representatives thereof, are advised of the possibility of such damages, losses or expenses.

By clicking "Agree," I certify that I have read, understand and agree to the foregoing Terms of Use.

wknd
notes


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      wknd notes: Julian Lucas McRandal

wknd notes: The Industrial Age is Ending

wknd notes: The Industrial Age is Ending
September 18, 2022
Read more

wknd notes: Fill-or-Kill

wknd notes: Fill-or-Kill
September 11, 2022
Read more

wknd notes: Training to Win

wknd notes: Training to Win
August 28, 2022
Read more

wknd notes: Flags

wknd notes: Flags
August 21, 2022
Read more

wknd
notes

Each Sunday morning for over a decade, One River’s CIO, Eric Peters, has published “Wknd Notes.” It is an unorthodox take on markets, politics, and policy that’s widely read across our industry and within global policy/political circles. Eric has written for as long as he has traded and the discipline is part of his investment process. Drawing on wide-ranging, multi-disciplinary research, historical study, and discussions with interesting characters throughout the world, Eric collects those things he finds most thought-provoking each week and distills them into a concise letter. At times the ideas and views are consistent with his own, but just as often, they challenge his positions and it is this openness to opposing views that helps him maintain a flexible mind in the search for emerging opportunities and risks. His writing is a reflection of how he thinks, and as such it is as focused on identifying the right questions to ask as it is on seeking answers. The publication of this work is Eric’s way of exchanging ideas/information and developing dialogue with a network grown over his thirty-one-year career.

wknd notes: Julian Lucas McRandal

We laid to rest Ryan and Daisy McRandal’s beatific son Julian Lucas McRandal yesterday. Ryan is my great friend, partner and Deputy CIO. His son, Julian, was nine years old and fought a battle with brain cancer, forever inspiring us with his courage and spirit. The day was at once profoundly sad and magnificent. Ryan and Daisy wanted to share an anecdote from the ceremony (see below). Julian’s obituary is [here].

 

See you next Sunday with full weekend notes. E

 

Week-in-Review (expressed in YoY terms): Mon: Over-simplified Jackson Hole summary – generally hawkish apart from Kuroda (no surprise), European nat gas prices drop as EU storage filling up faster than exp / German next-year power trades at EU 1000/mwh for first time, EC president von der Leyen say EU preparing power market emergency intervention / energy ministers to meet 9/9, Kashkari happy that equities fell following Powell’s speech bc shows market understands how serious Fed is about fighting inflation, Iran rumored to have started enriching Uranium, US Navy ships pass through Taiwan strait first time since Pelosi visit, US Dallas Fed -12.9 (-12.7e), S&P -0.7%; Tue: US State Dept denies rumors that agreement reached with Iran, Fed’s Williams says 50 vs 75bp debate dependent on data, Fed’s Bostic open to a slower pace of hikes, China initiates more lockdowns due to covid, ECB’s Muller backs option for 75bp hike, ECB’s Knot says balance sheet should be discussed later in the year, European gas prices plunge for second day, Hungary CB hikes 100bp as exp, PBOC continues to lean against a weaker currency, Japan jobless rate 2.6% as exp, Spain CPI 10.3% as exp, Germany CPI 8.8% as exp (8.5%p), US house prices 18.65% (19.2%e), US cons conf 103.2 (98e), US JOLTS job openings 11.239m (10.375m exp), S&P -1.1%; Wed: PBOC continues to lean against currency weakness with strong fixings, NS1 goes down for 3d maintenance, California declares grid emergency / probability of blackouts, ECB’s Nagel says urgent need to act decisively, US life expectancy posted its biggest 2y slide in near 100 years (-2.7yrs), China mfg PMI 49.4 (49.2e) / serv 52.6 (52.3e) / comp 51.7 (52.5p), Australia private sector credit 9.1% (9%e), Japan cons conf 32.5 (29.5e) / housing starts -5.4% (-3.5%e), Germany impt prices 28.9% (28.8%e), France CPI 6.5% (6.7%e) / cons spending -4.3% (-3.9%e), Poland CPI 9.4% unch, EU CPI 9.1% (9%e) / Core CPI 4.3% (4.1%e), Italy CPI 9% (8.2%e), Poland final 2Q GDP 7.1% (6.9%e), India 2Q GDP 13.5% (15.3%e), Brazil unemp 9.1% (9%e), US ADP 132k (300k exp), US Chicago PMI 52.2 (52.1e), Russia ret sales -8.8% (-9%e) / Russia unemp 3.9% (4.1%e), S&P -0.8%; Thur: China to lockdown Chengdu (21.7m pop), G7 progressing towards a plan to cap Russian oil prices, Japan MOF notes mild concern as USDJPY breaks 140, Russia to direct $70b into “friendly currencies,” China Caixin mfg PMI 49.5 (50e), Indonesia CPI 4.69% (4.87%e) / Core CPI 3.04% (2.99%e), Germany ret sales -5.5% (-6.5%e), UK house px 10% (8.9%e), Swiss CPI 3.5% (3.4%e) / Core CPI 2% as exp, Italy unemp 7.9% (8.1%e), EU unemp 6.6% as exp, Brazil 2Q GDP 3.2% (2.8%e), US init claims 232k (248k exp), US ISM mfg 52.8 (51.9e), S&P +0.3%; Fri: US NFP 315k (298k exp) / unemp 3.7% (3.5%e) / AHE 5.2% (5.3%e) / participation rate 62.4% (62.2%e), G7 fin mins agree on Russian oil price caps / Gazprom says NS1 to remain shut after leak in turbine detected and requires repair, US calls Iran’s latest effort to revive 2015 nuclear accord “not constructive”, world food prices fall for 5th consecutive month, Taiwan shot down unidentified drone flying over islands near China mainland, EU PPI 37.9% (37.3%e), Brazil IP -0.5% (-0.4%e), US factory orders -1% MoM (0.2%e), S&P -1.1%

 

Weekly Close: S&P 500 -3.3% and VIX -0.09 at +25.47. Nikkei -3.5%, Shanghai -1.5%, Euro Stoxx -2.4%, Bovespa -1.3%, MSCI World -3.3%, and MSCI Emerging -3.4%. USD rose +5.3% vs Bitcoin, +2.5% vs South Africa, +2.1% vs Brazil, +2.0% vs Sterling, +1.9% vs Yen, +1.4% vs Ethereum, +1.2% vs Australia, +1.1% vs Sweden, +0.8% vs Canada, +0.5% vs Indonesia, +0.4% vs China, +0.4% vs Russia, +0.2% vs Turkey, and +0.1% vs Euro. USD fell -1.8% vs Chile, -0.5% vs Mexico, and -0.1% vs India. Gold -1.6%, Silver -5.0%, Oil -6.7%, Copper -7.7%, Iron Ore -5.3%, Corn +0.2%. 5y5y inflation swaps (EU -5bps at 2.12%, US -10bps at 2.55%, JP +1bps at 0.93%, and UK -17bps at 3.76%). 2yr Notes -1bps at 3.39% and 10yr Notes +15bps at 3.19%.

 

August Mthly Close: S&P 500 -4.2% and VIX +4.54 at +25.87. Nikkei +1.0%, Shanghai -1.6%, Euro Stoxx -5.3%, Bovespa +6.2%, MSCI World -4.3%, and MSCI Emerging +0.0%. USD rose +18.9% vs Bitcoin, +9.3% vs Ethereum, +5.0% vs Sweden, +4.7% vs Sterling, +4.3% vs Yen, +3.0% vs South Africa, +2.6% vs Canada, +2.2% vs China, +2.1% vs Australia, +1.7% vs Euro, +1.5% vs Turkey, +0.2% vs India, +0.2% vs Brazil, and +0.1% vs Indonesia. USD fell -1.7% vs Russia, -1.1% vs Mexico, and -0.5% vs Chile. Gold -3.1%, Silver -12.1%, Oil -7.4%, Copper -1.7%, Iron Ore -7.7%, Corn +8.1%. 5y5y inflation swaps (EU -9bps at 1.99%, US -9bps at 2.54%, JP +17bps at 0.95%, and UK +13bps at 3.80%). 2yr Notes +61bps at 3.50% and 10yr Notes +54bps at 3.20%.

 

YTD Equity Indexes (high-to-low): Chile +27.2% priced in US dollars (+31.2% priced in pesos), Turkey +26% priced in US dollars (+73.5% priced in lira), Argentina +20.5% priced in dollars (+63.3% in pesos), UAE +14.9% (+14.9%), Brazil +13% (+5.8%), Saudi Arabia +7.6% (+7.6%), Indonesia +4.4% (+9.1%), Singapore -1.4% (+2.6%), Portugal -2.7% (+11.2%), India -5.5% (+1.1%), Norway -6.5% (+6.4%), Israel -7.9% (flat), Venezuela -8.4% (+56.3%), Thailand -11% (-2.1%), Mexico -11.7% (-13.9%), Malaysia -11.8% (-4.9%), Canada -12.5% (-9.2%), Australia -14.2% (-8.3%), Philippines -15.7% (-6%), UK -16% (-1.4%), South Africa -16.4% (-9.2%), Greece -17.2% (-5.4%), HK -17.4% (-16.9%), S&P 500 -17.7%, China -19.4% (-12.5%), MSCI World -19.4% in dollars, Russell -19.4%, Spain -19.8% (-9%), Russia -20.2% (-34.7%), New Zealand -20.5% (-10.8%), Colombia -20.8% (-12.6%), Japan -21.1% (-4%), Switzerland -21.2% (-15.4%), Denmark -21.4% (-10.7%), France -24.5% (-13.8%), Netherlands -25.5% (-15%), NASDAQ -25.7%, Belgium -26.6% (-16.1%), Taiwan -27.2% (-19.5%), Finland -27.4% (-17.6%), Germany -27.6% (-17.8%), Euro Stoxx 50 -27.8% (-17.5%), Czech Republic -28% (-19.3%), Ireland -28.1% (-17.9%), Korea -29.2% (-19.1%), Italy -29.4% (-19.8%), Hungary -32.9% (-17.3%), Sweden -33.2% (-20.4%), Austria -34% (-25.1%), and Poland -38.7% (-28.3%).

 

Anecdote: “I know that it is difficult to make sense of Julian’s passing. Truth be told, I don’t understand it,” said Ryan, concluding the eulogy for his angelic nine year old son, having just shared a few beautiful stories about Julian with the packed church, standing room only. “But I do trust there is a plan at play. So let me share some thoughts on it,” he continued, having traveled the unimaginable path, helping us try and make sense of something that defies comprehension. “Daisy, Faith, Julian and I lived an extraordinary journey for the past one and a half years. It was a journey that I pray no one else should have to endure. And yet, each one of you, in your own way traveled this road with us. The journey brought us all together in unexpected and wonderful ways,” said Ryan, and indeed it is true, we are all forever changed, stronger, closer, better. “It was a journey of uncertainty, pain, relief, but also joy. Inspiration. I have never met another human being with the courage of Julian Lucas McRandal. It was breathtaking. He waged an impossible battle with great poise, and all the while maintaining a sublime joy and love for life that showed the magnificence of the human spirit. Julian’s example will give us all strength as we face our own battles in our own lives. We all prayed for a miracle, and we got it. The gift of his life and the journey that God brought us on to achieve the trust, faith, and peace we have today, is the miracle.”

 

Good luck out there,

Eric Peters

Chief Investment Officer

One River Asset Management

 

 

Disclaimer: All characters and events contained herein are entirely fictional. Even those things that appear based on real people and actual events are products of the author’s imagination. Any similarity is merely coincidental. The numbers are unreliable. The statistics too. Consequently, this message does not contain any investment recommendation, advice, or solicitation of any sort for any product, fund or service. The views expressed are strictly those of the author, even if often times they are not actually views held by the author, or directly contradict those views genuinely held by the author. And the views may certainly differ from those of any firm or person that the author may advise, converse with, or otherwise be associated with. Lastly, any inappropriate language, innuendo or dark humor contained herein is not specifically intended to offend the reader. And besides, nothing could possibly be more offensive than the real-life actions of the inept policy makers, corrupt elected leaders and short, paranoid dictators who infest our little planet. Yet we suffer their indignities every day. Oh yeah, past performance is not indicative of future returns.

 

BACK