Hedge fund Clarium Capital Management has continued its blistering pace entering the new year.

The $4 billion San Francisco-based global macro fund returned 24.4% in January, according to MarketWatch.

Clarium returned better than 40% last year, after its decision in October to short highly-leveraged financial services names and the U.S. dollar. It returned 9.8% in October, 5.4% in November and 13.1% in December, when it boosted its short bets.

“We have begun a post-Long Boom phase that can be called the Long Goodbye,” Clarium predicted in August. “Returns during the Long Goodbye will be lower—perhaps half as much—than those of the Long Boom.”

Clarium Capital is run by PayPal co-founder Peter Thiel.