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 »
I am not fighting the Fed and expect funding rates to rise higher than the markets expect and for them to stay
higher for a longer period than the market expects. I also recognize that liquidity and momentum models may still
encourage large and sophisticated derivative trading which can propel risk assets higher.
“The whole art of war consists of guessing at what is on the other side…” Read More »
50% of the Perry Capital portfolio is in the money market.
remains at 25% of portfolio assets. 3-month T-Bills now pay 4.63%, 6-month T-Bills pay 4.81%. Long Treasuries
“Judging by the price action in markets over the past couple of months…” Read More »