Micro Cap With Lots Of NOLs

Excerpt from the Stanphyl Capital letter to investors for the month of October 2018, first macro then a small cap position Q3 hedge fund letters, conference, scoops etc We continue (since late 2012) to hold a short position in the Japanese yen via the Proshares UltraShort Yen ETF (ticker: YCS) as Japan continues to print approximately 6% of its monetary base per year after nearly quadrupling that base since early 2013. In fact, of the world’s three largest central banks (the Fed, ECB and BOJ), the BOJ is now the only one not on a path to tightening. One result…