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When do frenemies become friends?

At year-end.

When I worked at an equity long-short hedge fund in New York City, all of us portfolio managers were seated and clustered together. My desk was right in the middle of a sea of men.

We had to work together to connect the dots.

As a group we could compare notes on:

- what companies were saying on earnings calls,

- weekly railroad reports,

- Chinese electricity usage,

- bulk freight index,

- steel inventory reports, just to name a few....

On the other hand, we were constantly in competition with each other ...

On Friday after the market closed, everyone’s weekly performance was emailed out.

The scorecard was a good way to keep us constantly on our toes.

The email listed by name:

- who made money and who lost money

- sometimes someone crushed it (like when one of my portfolio companies got acquired) or

- sometimes someone stepped on a landmine and blew up (like when I was short a stock that got acquired)

The only time of year we were friends, was close to year-end.

It's often a wonderful time of year if we ALL stay long, we will finish strong.

It was like from the movie, It’s a Wonderful Life!

George wanted to protect his community and everyone does well.

Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security.

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