JUST IN CASE

POC / CUX

Cut some energy stocks today despite meaningful losses. I could not answer this question: when would you consider to sell some of these energy names? What happened if crude price continues to decline to, let say, $40 level? POC’s position is simply too big for me to take on and it could decline to $20 level if crude continues to decline, and that would be too much loss for me to take on. Therefore I decide to trim the position to a less meaningful level. I can always add them on later, if the trend reverses.