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 »
Be patient and remain defensive. I suspect that most assets you might be interested in buying will be available
at lower prices.
50% of the Perry Capital portfolio is in the money market. The T-Bill position remains at 25% of portfolio assets.
Long Treasuries
and Bitcoin. Everything seems expensive.
“Everything we hear is an opinion, not a fact. Everything we see is a perspective…” Read More »
I thought very hard about increasing exposure to Long Treasuries and the S&P 500 a month ago; I decided
not to. My decision was based on my forecast—earlier this year—of a 3.5% yield. We spiked from that level
up to 4.33% and then right back down, which I did not expect. Volatility quite elevated. Therefore, my cash
position continues to migrate toward Treasury Bills. Consequently, I must ask… what is wrong with a
guaranteed return of 4% until the dust settles and volatility settles down. Not much, in my opinion!
“You never know what is enough unless you know what is more than enough.” Read More »
The good news is that the Qatari government did the world a favor by banning Budweiser from World Cup
soccer venues. It’s a dreadful beer. The U.S beer industry dodged a bullet.