Let’s start with a positive note. We made 17bps for the week, +218 over SPY and more over the Qs. Year to date, we are now +5.3% over SPY and +6.8% over Qs. This is not great news, since we are down for the year ~1.7%. But we are maintaining a healthy distance from the...Read More

Quick note here for you gold nutcases. Part of the reason why US markets, although terrible, have been least terrible around the world is because the dollar is rising. Since Feb the dollar is +5%, which produces an incentive for foreign PMs to invest in America — rather than their rotten countries. By doing so,...Read More