SECOND ROUND

[JBB2]

Total disaster. Worst round in memory. Our strategy of taking narrow spreads was a mistake. Because we live in a random universe with chaos and order looking very similar, all prognostications need a reasonable margin of error. More discerning judgement is going to be required if we are digging out of this -$150 hole. Fortunately that represents a reduction in working capital not hard earned dollars

Our scale is reduced but we have fewer games. recovery is possible.