For the second time in 9 months, we have boosted cash reserves — this time above 18% — which FCM does only in special circumstances. We achieved the boost through profit-taking in Hudbay Minerals, NexGen Energy, an array of derivatives, as well as a number of speculative investments that did not adhere sufficiently to the quantitative value betting principles on which we rely.
As always, our core holdings will remain subject to exits prescribed by our Odds Engine.
