77.25% of the Perry Capital portfolio yields 5.11% with principal guaranteed. I sold my short 25% Treasury
positions
“Honesty is a very expensive gift. Don’t expect it from cheap people.” Read More »
75% of the Perry Capital Portfolio remains AAA-rated, very short maturity, and very liquid securities.
I remain underweight in the equity market because the valuation metrics of risk assets are not discounting for
persistent inflation and a slowing economy to the degree necessary to be attractive. I would rather watch from
the sidelines at 5% until the strategic risk/reward is in my favor.
“We tend to overestimate the effect of a technology in the short run and underestimate…” Read More »
75% of the Perry Capital Portfolio remains in AAA-rated, very short maturity, and very liquid securities.
I remain underweight the equity market because the valuation metrics of risk assets are not discounting for
persistent inflation and a slowing economy to the degree necessary to be attractive. I would rather watch from
the sidelines at 5% until the strategic risk/reward is in my favor. I must say, though, that the Nasdaq 100 (QQQ)
performance y-t-d is impressive. Perhaps A.I. is a paradigm shift as impactful as the internet.
“The problem with leverage is that you have to pay it back.” Read More »
5% of my T-Bill exposure matured. My proceeds were a tiny portion of the $508b that migrated to money
market funds in the first quarter. The “Liquid” portfolio position remains at 50%.
“If someone tells you that you are the smartest person in the room…” Read More »
I still have small positions in Silver and Bitcoin.
Given recent events, things may get even crazier before they calm down. Monday’s opening and the rest of
next week will be telling. As I cautioned last week, be patient and remain defensive; I suspect that most assets
you might be interested in buying will be available at lower prices.
“What’s the deal with bank runs? I mean, why are they called bank runs?” Read More »
Markets are correct to be convinced that the Fed funds rate will be raised tomorrow by +0.75%, the
fourth such hike since June, and will bring the upper bound Fed funds rate to 4.00%; Any deviation
from trend, six days before the elections, will be deemed political.
“Even though the risk of doing too much is a recession, the risk of not…” Read More »