“Curiosity is, in great and generous minds, the first passion and the last.”
“Curiosity is, in great and generous minds, the first passion and the last.” Read More »
oil
“Neither a state nor a bank ever [has] had the unrestricted power of issuing paper money without abusing that power.”
Stocks rallied smartly last week. The Dow was up 2.6%, The S&P 500 rallied 4.0%, and the Nasdaq jumped 6.0%.
Growth stocks outpaced value shares by a wide margin. The big-cap mega-scalers led the rally, and the poster child for the AI revolution was the clear winner as
Don’t get too excited, though; the broad market (S&P 500) remains within its range since April. The S&P 500 is marginally
(-0.50%) below, the Nasdaq is -5% below, and the Dow is -17.56% below all-time highs. Markets are skittish and fearful of change.
“Sitting [in my office] on a Sunday afternoon… going to the candidates’ debate…”
It has been a bad start to September for the financial markets. The earnings reports portrayed a mixed picture for both the tech sector and the broad economy. Added to that is the upcoming presidential election. Markets do not like uncertainty. There’s plenty of it, and it’s not going away anytime soon.
“Sitting [in my office] on a Sunday afternoon… going to the candidates’ debate…” Read More »
“In this new global environment, policymakers, even those previously in the ‘lower forever’ camp…”
Interest rates drive everything, and they are as volatile and directionally uncertain as they’ve ever been. So are the global macroeconomics driving them. Global fund managers are required to make bets on outcomes for stocks, currencies, and commodities based on the cost of money. If perspectives on rates are so dispersed, how can we judge the value of the things that are driven by them?
“People are listening to narrative and not paying attention to data.”
The Perry Capital Portfolio is conservative. It always has been and certainly is now. Perhaps too much so. It
holds 62.5% in the Money Market, earning a risk-free 5.18%, with an additional 15% in T-Bills which have an average guaranteed return of 5.25%.
“People are listening to narrative and not paying attention to data.” Read More »
“When the government assumes all the risk, it’s the currency that is at risk.”
77.25% of the Perry Capital portfolio yields 5.10% with principal guaranteed. As you know by now, I sold my
short 25% Treasury positions
“When the government assumes all the risk, it’s the currency that is at risk.” Read More »