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Weekly Update Report #15

September 28, 2018

 

From The Fund Manager

 

Dear Investors,

 

For Week 15, we saw a big move at the beginning, and then some stabilization over the market until two consecutive mid-week dips yielded more profits.  After more consolidation which brought some small profits from a number of trades and a couple of small losses.  Then to bring it all home, we capitalised on more gains from a late week spike!

 

Overall, this week was almost the perfect week for our algorithms.  I hope we can see some more like it going forward.

 

The next immediate point of discussion is our Investor Party this Sunday.  We are very excited to meet some of our investors who will be travelling down for the event.  If you are staying in Adelaide and would like to be picked up in the Countinghouse limo, please contact Chris with the details via email (contact@countinghousefund.com) or Telegram (@slowisfast).  We will have the limo doing picking ups for the first couple of hours and then a few drop off runs later in the night. We would like our investors to be getting home safe.

 

The night itself promises to be a lot of fun.  We should have good weather and Hains & Co know how to put on a good show.  They have created a Countinghouse cocktail for the evening and will have a master-class teaching those who are interested to make it for themselves.  There will also be cocktail food and of course a healthy tab over the bar to help lubricate social interactions.  We look forward to meeting as many of you as possible on Sunday.  For everyone who cannot attend we will record parts of the evening and take plenty of photos… So you can really know what you missed out on.

 

Next topic to cover is progress on the audit front.  We had no luck with the other Australian accounting firms.  However, we have approached a firm in Cyprus with off shore licencing and also a firm in the Seychelles.  We have also contacted a US company that specializes in hedge fund admin and auditing.  We hope to overcome this challenge soon and will keep our investors updated, hopefully with some good news.

 

As part of our expansion, there will be some new positions being created at Countinghouse Global Ltd.  The first of which will be filled very shortly.  This is another investor relations focused position and we hope to continue adding value to our investor community.  If you would like to work with us at Countinghouse, then please submit your CV to our talent pool on careers tab on our webpage.

 

Thank you for taking the time to peruse the report and have a safe and happy weekend!

 

Best Regards,

 

 

 

 

 

Tim
Fund Manager
Countinghouse Fund

 

 

 

Weekly Performance

 

 

Market Activity Snapshot

 

Weighted Average:  0.003440500 ETH or USD$0.79 per CHT

Non-Weighted Average:   0.003493074 ETH or USD$0.80 per CHT

 

 

 

Valuation – Jae Jun Method

Fundamental value (sometimes referred to as intrinsic value) is a calculation to determine the actual value of a share, unit or in this case a token when looked at as an investment.

 

We have chosen the Jae Jun Intrinsic Value Formula. The main reason we like the Jae Jun is because it is one of the most conservative calculations there is.

 

Now we have kept to how this is traditionally used and that is to base it on a 10 year return, factoring in the yield reducing over time. We have also taken an extra step to be even more conservative on this calculation; Jae Jun reduced the ‘no growth PE ratio’ from 8.5 to 7 but due to the increased volatility in the crypto market we think it is more prudent to reduce this value all the way to 1 (this value operates as a multiplier in the calculation so reducing it to one is very significant in the results the formula we return).

 

Credit: Photo by Andrew Ruiz on Unsplash