What stood out
May's activity centred on option selling, a bearish put spread and IPO participation. The month-end note recorded a positive result, alongside uneven outcomes across the different ideas. The question I want to keep is whether a successful trade came from a repeatable process or a favourable market window.
What I started questioning
I noticed a gap between the enthusiasm around new listings and the conviction to hold after the first day. That became a research question about liquidity and investor behaviour, rather than a rule that every new listing would behave the same way.
I also wanted to understand correlation before increasing exposure. Several positions can feel separate in quiet markets and become the same risk under stress.
A result is a starting point for reflection.
A note on the percentage
The original May note reports approximately +7.53% without specifying its calculation method. A later July recap lists approximately +7.95% using Modified Dietz. This page retains the original May estimate, marked provisional, until the two figures are reconciled. It should not be directly compared or compounded with the later months.