Happy Holidays... and Nachas!

Photo by Anthony Delanoix on Unsplash

This time of year gives us great nachas.

For those of you unfamiliar with the term, it’s a Yiddish word meaning “a feeling of unbridled gratification”, from the old Hebrew word “Nachat”.

It's the feeling of bursting with joy at an outcome. You get it from seeing your kids finish their first day at school; or watching your football team win the Champions League for the first time in 15 years; or seeing a meticulously researched trade idea bear fruit.

Nachas is hard to explain with words, but rest assured, when you have it, you’ll know about it. And over the holiday period, with time and space to reflect on the past year, we realise it has been the defining quality of our business in 2019. Working on Three Body Capital gives us great nachas, great joy, and we want to share that with you. That’s what our newsletter is all about.

We’ll be back in the New Year with more long-form content that goes beyond the obvious, starting with a piece on how active managers can respond to the tyranny of passive management and deliver on the original promise of the hedge fund.

But now is the time to rest, recharge and reflect on what has been an incredible year for us and our partners. In the meantime, we wish you the happiest of holidays, quality time with your loved ones, and a brilliant start to 2020.

But mostly, we wish you nachas.