EFTA02637557

From: jeffrey E. <jeevacation@gmail.com> Sent: Thursday, June 14, 2018 11:21 PM To: Paul Barrett; Richard Kahn Subject: Re: you wil have to walk before you run. =AO I have to see results . that are professional . balanced. w=ll thought through . I am more gun shy then you, =C2 you will need to start with a small allocation , as a to=t bed. . in dec we will revisit . . =AO. I am cold about investing as you know. see yo monda=. On T=u, Jun 14, 2018 at 5:51 PM, Paul Barrett a wrote: Jeffrey Thank you for your commitment to finding a solution.= I will come prepared with a new focused strategy wit= clear size/limits/concentrations. As this strategy needs to fit int= your risk tolerance can you give me some initial guidance with respect to=drawdown limits or a VaR number. With Fixed Income currently representing 44% of the portfolio, this would chang= dramatically based on your response. As of right now I get institutional research/ideas f=om ML, DB and MS. I also see all the JPM ideas coming out of the GIO team.=C2 Their ideas have been 40/60 at best. For example JPM's top i=eas were European Banks, Japanese Banks and Argentina. DB was pushing ARS, TRY and BRL — all down between 13%-27% since t=e recommendation. I have started using buy side research more extens=vely and will continue to do so. See you on Monday. Paul Paul Barrett Alpha Group Capital LLC EFTA_R1_01868302 EFTA02637557 142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th Street, llth<=sup> Floor, New York, NY 10019 646.876-5277 (o) (c) </a /a> <mailtoa> =/span> From: Jeffrey E. <jeevacation@gmail.com <mailto:jeevac=tion@gmail.com» Sent: Thursday, June 14, 2018 7:17 AM To: Paul Barrett <mailt° >; Richard Kahn Subject: paul on monday you shoudl come with a strategy= ! real ideas. detailed. t=e concept of investing in sectors . or buying berkshire apple or goo=le is not an idea. that merits. more than 30 seconds.. = something clearly is wrong. . I have great respect for you . we have always d=ne well together. . it seems however that you migh= need to have a full orgaiznation behind or alongside you. =AO I had assumed you were capable of continuing on your own af=er JPM. I want to find a solution . i think you should focus on flow. ,=traders. ideas. / I recall saying that=a move from JPM would increase both risk and reward. /=C2 as you would have to perform . I=m less concerned with the fact that the positions you sold , would have been a larger profit that you were able to generate. =AO option trading for 2000 dollars.. silly, as you recarl the ATT positon was scaled back by me, and only allowed at all to give y=u authority over the results. you rode positions down instead of taking quick losses . the trading envcio=emnt has been superb,. e gaming is a new sector and shows promise.=C2 but as always its, which stock. not so easy. . =AO you had total control over trading. but sat and watched l!... amanda has given us one losing trade after another , so i stopped all contact.=C2 you decided to continue. I sold spotify. =AO you decide to buy it knowing i just sold. ? super silly, =C2 as you can tell I am quite surprised by the results. It matte=s less how you calcualte it, I can see you point of view. but in reality =AO the results are known as the "but for " =AO test. ie but for paul being i=volved. results. paul involved. =esults.. easy.. but againk as it is early less i=portnat than the lack of tradding. underlying dynamice stragety, , and sector investing. =AO I f I wanted a macro long only . 10 funds provide years of =eturns and experinece.. even long short funds. ( = see no shorts except for options "). how is that possibl=. ? I realize you will now be gun shy, sorry, . please no=e The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this 2 EFTA_R1_01868303 EFTA02637558 communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved =AO please note The information contained i= this communication is confidential, may be attorney-client privileged,=may constitute inside information, and is intended only for the use =f the addressee. It is the property of JEE Unauthorized use, disclos=re or copying of this communication or any part thereof is strictly pro=ibited and may be unlawful. If you have received this communication =n error, please notify us immediately by return e-mail or by e-mail to =a href="mailto:jeevacation@gmail.com" target="_blank">jeevacation@gmai=.com, and destroy this communication and all copies thereof, inc=uding all attachments. copyright -all rights reserved 3 EFTA_R1_01868304 EFTA02637559