Well, another year is upon us and TMM are back in the saddle. We cannot say that we bid farewell to 2011 with nostalgia, a year whose effort/reward ratio was very high for TMM. And while quite a few of our macro calls went wrong, in the event, managing to catch a few big market turns helped rescue our years, leaving us sitting in modestly up for the year and above the average performance of the Macro peers. While nothing to shout about, TMM will take that as a win, giving the drubbing taken by global asset markets & hedge funds in general. [More...]