Portfolio Update: Increasing TLT, GLD; Closing IYT, XLK, XLY

Increasing TLT’s allocation from 26% to 35% Increasing GLD’s allocation from 5% to 15% Closing IYT, XLK, XLY Adding to Recession Bets (TLT, GLD) The bank run on Silicon Valley Bank (SIVB) and rise in the unemployment rate reported at the end of last week triggered fears that the Fed’s rate hikes are finally taking […]

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The Consumer is Down But Not Out, A Contrarian Bet Against Record-High Pessimism

Summary: Consumer sentiment is at all-time lows and stagflation fears abound. But in nearly 70 years of data the equity market has generally done well when consumer pessimism has been this bad. We assessed the health of the consumer and believe there is a good chance they’ll ride out the inflation storm. While goods spending […]

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