This entry is part of the JTMS Management Company blog — the journal for our internal private investment fund (PIF).
2024 marked our second full year running the JTMS Management Private Investment Fund. Looking back, it feels like a natural continuation of the foundation we laid in 2023. I’m still the same person learning on the job — focused on staying disciplined, managing emotions, and documenting the journey honestly, both for my own growth and as a permanent record for the company.
This post is written more like a personal trading journal than a formal report. I want to capture what actually happened, the thinking behind the moves, the wins that felt good, the losses that stung, and the lessons that stuck. It’s primarily for my own future reference so I can track how my process and psychology evolve over time. If it offers any honest insight to others walking a similar path, that’s a welcome bonus.
The Numbers
In 2024, the fund delivered a total return of approximately 20.44%, with roughly 34.32% return on the capital that was actually invested. Compared to the 16% return on deployed capital in our debut year, this felt like meaningful progress.
We kept the same core framework from year one:
- A mix of moderate-risk core holdings
- Shorter tactical trades
- Higher-conviction names in technology, consumer cyclical, and select healthcare/biotech
- Strict percentage-based stop losses (typically 7–10% on moderate positions)
- A mechanical monthly investment schedule that removed most emotional timing decisions
What Worked
A few positions stood out and reinforced why sticking to process matters:
- AppLovin (APP): Entered during a consolidation phase in mid-2024 when relative strength was clear. The position returned approximately 21.6% in just five days. We kept sizing conservative and took profits as momentum accelerated.
- Palantir (PLTR): Multiple engagements throughout the year. One tranche delivered a 34% return over roughly a month after entering near strong technical levels and volume confirmation.
- NVIDIA (NVDA): Continued building exposure at various points, including entries in the $145–$170 range. One hold returned about 24% before we trimmed near $180. Another shorter tranche added roughly 7.6%.
- Barnes & Noble Education (BNED): Our standout small-cap play of the year. We bought in mid-January 2024 at an average cost of ~$0.273 (pre-reverse split) and sold the core position at $1 — delivering over 100% return in approximately three months. Defined stops and willingness to let the winner run made the difference.
Other positive contributors included Tesla, Amazon, Walmart, and Celestica. The common thread among the winners was simple: we allowed them to run when the original thesis remained intact, while still operating with clear exit rules.
The Losses and Harder Lessons
Not every trade worked. A few hit their stops or never gained traction:
- One healthcare/biotech name dropped about 7.6% before the stop triggered after roughly two months.
- Several communications and consumer defensive names gave back 3–6% each before we exited.
These losses reaffirmed how heavily psychology influences results. I re-read Mark Douglas’s Trading in the Zone multiple times this year. The biggest takeaway remained the same: fully accept the risk before entering any trade. A few times I felt the urge to “give it more room.” Sticking to the pre-defined percentage stops almost certainly protected us from larger damage.
How We Managed Risk and Emotions
We largely stayed faithful to the 2023 framework:
- Strict percentage stop losses on nearly every position
- Conservative position sizing
- Mechanical monthly capital deployment
- Limited, defined-risk options exposure (both long calls and puts)
Some options positions delivered 30–35% gains when they worked; others expired worthless — exactly the outcome we knew was possible. The mental side of options trading remains one of the best teachers of precision and emotional control.
Personal Lessons from 2024
Looking back, four lessons stood out most clearly:
- Process still beats outcome — The 20%+ return felt good, but the real win was executing the plan consistently, even when the market tested patience.
- Markets punish hope — Every time I hesitated on a broken thesis, it cost percentage points. Fast, clean exits preserved capital for better setups.
- Mixing time horizons and market caps helped — Combining longer core holdings with shorter tactical trades, and remaining open to selective small-cap ideas like BNED, added valuable diversity.
- Psychology remains the hardest part — Controlling emotions around money is a continuous battle. The percentages were secondary to staying level-headed and “in the zone.”
Looking Forward
2024 was another solid step in the journey. The fund remains intentionally small and personal, which keeps me closely connected to every decision and the psychology required to stick with the process.
Writing these journal-style reflections helps me stay accountable and creates a record I can look back on years from now. If this post offers any useful insight or quiet encouragement to others trying to invest or trade with discipline, that’s a bonus.
Here’s to continued learning, staying humble, and protecting capital while we compound.
Best Regards,
Syed I. Hussain
CIO, JTMS Management Company
Disclaimer: This blog post is a personal reflection on past trading experiences and is for informational purposes only. It does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal. JTMS Management Company operates as a private investment fund and does not solicit investments from the public.