Apex Arbitrage | The #23 Pink Piggy Bank

The car

Car #23 is a 1999 Porsche Boxster (986) with the 2.5-litre flat six, built for PCA Club Racing's Spec Boxster class. In a spec class the cars are nearly identical, so the difference comes down to the driver, the setup and the prep. The prep is done with SP Motorsports.

The livery is a tribute to the 1971 Porsche 917/20, the "Pink Pig," which raced at Le Mans painted as a butcher's chart with the cuts of meat labelled across its body. Ours keeps the dashed lines and swaps the cuts for asset classes. Every label works twice: once as something you could hold in a portfolio, and once as the part of the car it sits on. The number 23 is the one the 917/20 carried at Le Mans.

Driven by Max Gokhman.

Top-down livery drawing of the Boxster, divided into labelled cuts by dashed red lines — The cut sheet, seen from above.

The cuts

Lean Hogs: Lean hog futures. Front hood.
Cat Bonds: Catastrophe bonds. Hood, at the windshield.
MDAX: Germany's mid-cap index. Tops of the front fenders.
MOVE: The MOVE index of Treasury volatility. Front bumper.
Distressed Debt: Debt of companies in trouble. Leading edge of the door.
BENJI: Franklin Templeton's tokenized money market fund. Door.
Pork Bellies: The futures contract that retired in 2011. Lower flank.
Soymeal: Soybean meal futures. Rear fender, by the intake.
HAGI P: Historic Automobile Group International’s index of collectible Porsches. Rear haunch.
Bunds: German government bonds. Rear quarters.
Farmland: Agricultural land as a real asset. Rear bumper corners.
Convertibles: Convertible bonds. Rear decklid.