It’s very obvious what is happening here. Attempting to apply logic and reason and traditional trading patterns to a broken elevator tape due to an idealogical fanaticism in the White House is a recipe for disaster. Before I get into what I think is happening, I want to tell you we sold more in the...Read More

Wow, what a day. Massive dislocations, amidst spikes in CDS, VIX and an overall discontent over the tariff news. The IWM dislocated by 6.5%, NASDAQ off 6, SPY off almost 5. We shed 2.4%, much better than the market — thanks to a defensive posture. The good:Trash cans: RSG, WCN, WMDrug distribution: MCK, COR, CAHExchanges:...Read More

I won’t whine or complain about the WORSE THAN EXPECTED tariffs by Trump — affixing 54% duties on China — but strategize for the future.First the good news: we lightened up a lot into the rally, raising total cash, including our 7-10 year treasuries, to 34%. Markets are taking the news very heavily, sort of...Read More

Investing isn’t always this hard. At any rate, after the market closes tomorrow we shall be ENTREATED to liberation vis a vie wanton tariffs on people who were very mean to us. As such, we do not know how this will be received — because the tariffs can come in anywhere from 5-20%, or perhaps...Read More

I do not want to place the wagon in front of the horses here — but what was supposed to be a Monday of the blackened varietal turned out to be sanguine, generating portfolio gains of 0.5%. There was wanton selling, again, in many of the tech names and for good reason. A good friend...Read More