It was a good week for the TAM Global Futures (‘TGF’) master account, which achieved its third consecutive weekly rise. The gain since inception is now only a couple of percentage points shy of a new all-time high.

TAM 2 has also made modest further progress, the gain on the master account since inception having risen modestly from 37.4% to 38.0%.

This slow rate of progress is somewhat disappointing. Although our shares per- formed well, as did our non- equity trades, our progress was held back by the weak Vix, which is now at its lowest for at least 10 years.

We recently took a third Vix trade with a view to selling it after the next (inevitable) financial crisis. With the benefit of hindsight, we bought this trade at too high a level. But no doubt we’ll get the benefit in due course.

Meanwhile, the downside risk for the Vix must be very limited, which should mean that we will get the benefit of further rises in our shares without this being counterbalanced by further falls in the Vix. At least that’s the theory.