“History repeats itself, but in such cunning disguise that we never detect the resemblance…”
77.25% of the Perry Capital portfolio yields 5.09% with principal guaranteed. I sold my short 25% Treasury
positions
exposure.
Key Takeaways
“We have met the enemy and he is us.”
60% of the Perry Capital portfolio yields 5.09% with principal guaranteed. I sold my short 25% Treasury
positions
lower.
“The space between the tears we cry is the laughter – keeps us coming back for more.”
Everything I own is up in 2023. But I’m not that good. Most asset classes are up. This tells me there is too much
money around. The Fed should know this and hike.
“The space between the tears we cry is the laughter – keeps us coming back for more.” Read More »
“Never in the field of human conflict was so much owed by so many…”
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, higher funding rates, and a slowing economy to the degree necessary to be attractive.
“Never in the field of human conflict was so much owed by so many…” Read More »
“We tend to overestimate the effect of a technology in the short run and underestimate…”
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 »
“Politicians are like bad horsemen who are so preoccupied with staying in the saddle…”
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.
“Politicians are like bad horsemen who are so preoccupied with staying in the saddle…” Read More »
“If not for you, my sky would fall. Rain would gather, too. Without your love…”
75% of the Perry Capital Portfolio remains in AAA-rated, very short maturity, and very liquid securities.
I remain extremely 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.
“If not for you, my sky would fall. Rain would gather, too. Without your love…” Read More »
“Ooh, a storm is threatening my very life today. If I don’t get some shelter…”
ALERT – THIS JUST IN. The FDIC announced that it has received two bids for First Republic Bank (FRC). The
bidders are JPM and PNC. Details are being scrutinized, and the winner will be announced before Monday’s
market opening.
“Ooh, a storm is threatening my very life today. If I don’t get some shelter…” Read More »
“To contract new debts is not the way to pay old ones.”
75% of the Perry Capital Portfolio remains in AAA-rated, very short maturity, and very liquid securities.
I remain extremely 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.
“To contract new debts is not the way to pay old ones.” Read More »
“You cannot escape the responsibility of tomorrow by evading it today.”
75% of the Perry Capital Portfolio remains in AAA-rated, very short maturity, and very liquid securities.
I remain extremely underweight the equity market.
“You cannot escape the responsibility of tomorrow by evading it today.” Read More »
“The sun, with all those planets revolving around it and dependent on it, can still…”
30% of the Perry Capital Portfolio remains in the Money Market
of the portfolio is in T-Bills (4 of them), with an average yield of 4.91%.
“The sun, with all those planets revolving around it and dependent on it, can still…” Read More »
“If someone tells you that you are the smartest person in the room…”
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 »
“The problem with the world is that the intelligent people are full of doubts, while…”
I bought more bonds in the portfolio. Finally, the future is less murky. Recession odds have increased dramatically.
“The problem with the world is that the intelligent people are full of doubts, while…” Read More »
“Capitalism without failure is like religion without sin. It does not work.”
I remain 75% in liquid cash investments, which have a guaranteed yield to maturity of 4.625%. Given recent
events, and the expectation of forthcoming stimulus, volatility remains extremely elevated, sentiment is
schizophrenic, and investors are fearful.
“Capitalism without failure is like religion without sin. It does not work.” Read More »