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CurAlea Associates LLC is an independent risk and due diligence advisory firm focused on hedge funds and family offices.

Monday, December 16, 2013

Year End 2013


Two thousand and thirteen, coming quickly to a close, 
Events that have transpired, let us here expose.
Over Russia flew a meteor, over the Vatican white smoke,
Bombings up in Boston, the stateless Snowden bloke.
Poison gas in Syria, floods in India in June,
The governmental shutdown, in the Philippines typhoon.

A new tenant in the White House?  Alas we were not so lucky,
At least the current occupant, appears increasingly lame ducky.
Like in many a second term, scandals now abound,
The yes we can agenda, has now sadly run aground.
Worried about big brother? You might be right my love,
The NSA can hack anything, except
healthcare.gov.

Who left us this past year?  We wish them all Godspeed,
Farewell to Edward Koch, farewell now to Lou Reed.
Global statesmen left us too, men and women of high stature,
Goodbye Nelson Mandela, goodbye to Margaret Thatcher.
James Gandolfini we will miss you, and your softer side of crime,
Adios to Hugo Chavez, your revolution ran out of time.

In the markets year to date, we’ve had lots of steady action,
Your choice of asset class, has shaped your degree of satisfaction.
US equities won the race, all year they kept on sprinting,
Boosted by juicy steroids, also known as money printing.
Gold and bonds were laggards, causing their owners mental anguish, 
The Yen, Aussie, and Rupee, against the Dollar all did languish.

Among stocks there were big winners, that proved to be good picks,
The Facebook made a comeback, though not quite like Netflix.
Tesla hurt the shorts, cutting through them like a knife,
Other exhibits in that category, Green Mountain and Herbalife.
Losers have been scarce, in fact there are hardly any,
Blackberry and teen retail, and the flailing JC Penney.

And what about the macro, as we look out to fourteen?
Should we bet it all on bitcoin, to keep it in the green?
Across every class of asset, vol has disappeared like vapor,
The markets are complacent, worried not about the taper.
Remember you can’t go broke, with some profit taking,
Your smarts in this year’s rally, you should not be mistaking.

With those gains you can now harvest, let’s also do some giving,
There are still so very many, with a low standard of living.
Five years ago things were dismal, as the crisis was so dire,
Who imagined that so quickly, to new records we’d vault higher.
Be thankful this December, your health is just one reason,
Let’s think of those less fortunate, in this year’s holiday season.

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