Dylan Grice wrote the last letter in his sporadic series of Popular Delusions, a few days ago, in which he announces his departure from Societe Generale SA (PINK:SCGLY) (EPA:GLE). The analyst is known for his unusual, but entertaining take at the economy. Grice is leaving SG and joining a ‘small but outstanding investment practice‘, he calls his new job an attempt to actually be clever, rather than just sounding clever.
Dylan Grice does not leave us without his witty metaphors. In his last letter, he talks about the resilience of cockroaches and then relates it to the capacity of survival in business which is the essence of success. Considering the present state of markets, he talks about the opinion that owning equities is not a good option even though bond yields are nowhere near high, but with bonds one at least saves the invested capital. Grice does not agree with this portfolio positioning, in his opinion, a cockroach would have bought both bonds and equities at the same time. This would incorporate a better risk profile and less need for forecasting and predicting estimated performance.
Alluvial Fund performance update for the month ended May 2021. Q1 2021 hedge fund letters, conferences and more Dear Partners and Colleagues, Alluvial Fund, LP returned 5.4% in May, compared to 0.2% for the Russell 2000 and 1.0% for the MSCI World Small+MicroCap . . . SORRY! This content is exclusively for paying members. SIGN UP Read More
Grice ends the letter by thanking the freedom of analysis and opinion that was offered to him in Societe Generale SA (PINK:SCGLY) (EPA:GLE), something he says is not available in other investment banks. We expect to read more from him as he settles in his new investment firm
Dylan Grice – Goodbye letter