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Turbobulls

The Turbobulls Letter

One useful investing metric, properly explained.

Most portfolio numbers are quoted more often than they are understood. Each issue takes one of them apart: what it actually measures, where it misleads, and what a sensible value looks like. Short, practical, and free.

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One useful investing metric, properly explained. No spam, unsubscribe anytime.

Sample an issue
One portfolio, three honest answers
Example
-22.4%
What it measures
The deepest fall from a peak before a new peak was reached.
Where it misleads
It says nothing about how long you sat underwater. A dip that lasted a month and one that lasted three years look identical.
Same portfolio in all three · figures illustrative
One metric per issue
Time-weighted return, max drawdown, MOIC, XIRR, Sharpe. One at a time, until the whole dashboard makes sense.
Written for real portfolios
Multiple currencies, several brokers, dividends arriving in the wrong month. The messy version, not the textbook one.
No trade ideas
Nothing to buy, no tips, no positions. Turbobulls is a measuring instrument and the letter reads like one.
How it reads
Same terms, without the fog
Money-weighted return

The discount rate at which the net present value of all portfolio cash flows equals the terminal value.

Sharpe ratio

Excess return over the risk-free rate per unit of standard deviation of portfolio returns.

Cost basis

The original acquisition value of an asset, adjusted for corporate actions, used to determine realised gain or loss on disposal.

Both columns are correct · only one is useful at 7am

What happens to your address

We send you a confirmation link and store nothing until you click it. Your address is used to send the letter and for nothing else: it is never sold, never shared, and never matched against your Turbobulls account. Every issue carries a one-click unsubscribe, and unsubscribing deletes the record.