The Queen is Dead
Nothing much has changed since our last weekly update. We remain defensive as the Federal Reserve continues to raise interest rates and reduce money supply year over year into an economic slowdown.
In this week’s market review, we update viewers on the historical impact of higher rates and shrinking money supply on valuation multiples. We will also review the historic events taking place in the British bond market and what we think are some of the important takeaways may be for asset allocation moving forward.
- We think what happened in the UK is bad and not a sign of all systems go
- We believe days like Wednesday are typical short cover rallies during a bear market
- Our Growth Portfolio remains net short. We bought some gold and energy exposure
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