Hi John:
Well, I'm fascinated by the goings-on of TTF. Wish it were possible to know more. Seems like someone bought a bunch in January (albeit at an already high premium), then sold this week.
I suppose I'll never know, but that ball that got thrown way, way up in the sky, finally does seem to be coming back to earth.
I'd like to say I never doubted gravity, but I did have my moments of weakness.
In the meanwhile, while the premium spread between TC and TTF has declined, TTF's NAV has outperformed that of TC.
So my more recent TTF/TC hedges remain under water, although less so, thankfully, then a month or a week ago.
Sometimes I have this feeling that Morgan Stanley manipulates the NAV report, and trades on it. Impossible, I hope.
peter |
