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TFPN: A Return Stack Approach
Chesapeake returns stack every market. We don't represent any of our portfolios represented by an index or an ETF or bonds. So we have like 35 different interest rate markets or 40 interest rate markets. And we're stacking them individually. According to the system, it's perfect. It may start losing money all of a sudden,. But we're implementing these rules per market every single day to create this perfectly stacked portfolio and maximize each one of those individual positions. The key is, regardless of how big you are, you need to really be concerned about liquidity and make sure you're not too big a part of the market.