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The most common description of a portfolio, is a bunch of investments designed to bring you a profit. But I argue that investments don't always have to be for profit, they can be for material return.
What I'm getting at, is that when things are fine, and all is well, then buying stocks and bonds and CD's etc, are an excellent way to grow your wealth. But, when times are bizarre as they are becoming daily, maybe some investment in "things" starts to make sense. We see what's happening in Venezuela, and we see people hunting for food in dumpsters. Those people would much rather have a fridge full of food, than a bank account.
Consider "investing' in things that can get you through a tough time. That's a worthwhile portfolio.
We also talk about the market of course. The S&P is edging ever closer to that 2800 level, an area that has served as stubborn resistance in the past. Will it get through and challenge the all time highs?
Hi all, in today's financial Intelligence letter, we discuss how the "plunge protection patrol" uses the futures market to influence the S&P, which of course inflates the SPY. Many people never believed such a "group" was real, but indeed the "presidents working group on financial markets" was instituted during the Reagan years, and has taken on a much more dominant role.
Did you ever notice the big "saves" they make when the market is looking like it's going to roll over and die? who do you think is behind that? Yes folks that's our PPT, and Steve Mnuchen met with them during the horrendous December sell off. Coincidence that we've run for 8 weeks after that? Not on your life.
So give it a read and you'll understand how it all works.
Wag the Dog
First off a note that should make you all pretty happy. This letter will be much shorter than my usual rants. Evidently I hurt my wrist pretty bad Sunday, and had to go to the urgent care on Tuesday to get it looked at. I’m pretty resistant to pain, but this became unbearable. So, I’m in a soft wrap cast, and typing is, well, frustrating. ( and painful)