Re: Meeting Confirmation

sorry, you need to include position size= unrelaixzed gain or loss. if bac is small w=y allocate to Small kre

how many shares of each do we own . sosr=y this is extraordiarily silly

Jeffrey,

New Trade Idea: SPX down 1.50% today on tariff fears

I recommend buying a position in each of the following:

• Jul 280 SPY calls for $0.40
• Aug 280 SPY calls for $1.44
• Implied vol at 10%.

Tariff related sell-offs have offered good trading opportunities. The risk around retaliation is growing but if we can buy these calls with a 10% implied vol, I think these could work very well at the first sign of any reconciliatory comments from Washington. I would look to trade out of these if we get a bounce back to 2750 on SPX this week. If we don't get the bounce by Friday I would sell.

Also to further clean up the portfolio I would recommend the following over the coming days:

1. Sell BUD. It is a small position with too much reliance on EM to make a meaningful impact right now.

2. Sell BAC. Also a very small position. Would rather re-allocate to KRE (regional bank exposure).

3. MSFT, AVGO and Equinix — part of the data center theme. I think this theme has legs but MSFT and EQIX positions too small. Sell those.

4. JD.Com - sell if it drops below $38. It is the Amazon of China. However it cannot seem to break higher due to margin concerns. Currently at $39.43.

1. Sell BUD. It is a small position with too much reliance on EM to make a meaningful impact right now. 5431K; P/L -$51K.

2. Sell BAC. Also a very small position. Would rather re-allocate to KRE (regional bank exposure). 5213K; P/L +$112K. I think KRE is well positioned given the regulatory tailwinds, strength on Main Street, no FICC reliance etc. Just to maintain Fins exposure. It would top KRE up to $2MM.

3. MSFT, AVGO and Equinix — part of the data center theme. I think this theme has legs but MSFT and EQIX positions too small. Sell those. MSFT $508K. P/L +511K; EQIX $497K P/L +$4K.

4. JD.Com - sell if it drops below 538. It is the Amazon of China. However it cannot seem to break higher due to margin concerns. $1.9MM; P/L -$59K at current level.

Hi Jane,

Just confirming our meeting scheduled for tomorrow at 10 AM.

Best,
John

Hi John,

Thanks for the confirmation. See you tomorrow.

Best,
Jane