Global Return Asset Up 40% YTD On -54% Net Exposure: This American Icon Had Success Hiring Rejects 50 Years Ago

Global Return Asset Management commentary for the month ended November 30, 2019. Q3 2019 hedge fund letters, conferences and more Dear Friends and Partners, In November we generated a net return of 6.3%, bringing our year-to-date net return to 39%.1 We ended the month with 18% of assets in Cash and a Net Market Exposure of negative 54%. Question: If you were starting a sports footwear company would you hire an over-weight smoker who never played sports? What about a paraplegic in a wheelchair, would you hire this person? Most people wouldn’t. It’s easy to think that neither of these…