Time to call it a day

It has now been almost 10 months since we started our Substack journey.

When we started, we wanted to give our views on both the equity and credit markets from the point of view of proprietary traders. Eventually we started sharing some of our best ideas and the way we trade them. We have met amazing individuals along the way which I am glad I met and am hopeful to remain friends with even after this journey.

For this short period of time since we started tracking our ideas (end of January 2023 until today) we managed to outperform our major benchmarks with significantly lower drawdowns and earn more than the risk free rate (3M T-Bills). I am aware that this type of returns may not be satisfactory for equity traders looking for double digits returns per trade but in the world of credit the volatility is significantly lower.

• LQD

• HYG

• PFF

With time we realized that this journey is turning into a mentally and time consuming activity that has begun affecting the time we spend on trading and most importantly, discussing ideas and concepts with the team. What we initially thought would be sharing a few ideas per month turned into an operational difficulty of how to manage the portfolio , when to share information, which distribution channels to use, etc.

That is why we have collectively taken the decision to cease the weekly reviews and the paid subscriptions. We will refund all subscribers for their remaining time.

If you still want to communicate with us you can contact us via our public Twitter account (@heardfloor) or Bloomberg (if interested reply to this email and I will give you my IB). We will still use it to communicate with our friends and favorite people.

Thank you for being part of this journey!

Sincerely,

HOTF team