I seem to be doing a lot of relatively small trades this month, mainly driven by relative changes in prices.

I have just

• reduced Transocean as it continues to make new highs.

• reduced cash as high quality stocks come down.

• added to Howard Hughes Holdings as the stock has come down and my work suggests the risk/reward is appealing - I should be ready to publish a review next week.

• added to Pershing Square because I like the valuation of the underlying, the discount is reasonable, and the PSUS listing should reduce performance fees.

Interesting times. Not investment advice!