The Bull market continues without pause. Chicken Little remains in cash. Risk-takers make money, chickens make nothing.
June 2021 performance
The Dow Jones Industrial Average slipped 0.06% in June 2021 while the Chicken Little portfolio advanced 0.38%.
Stocks around the world tread water in June 2021. Long-term treasuries rallied over 5% while gold and bitcoin fell. Bitcoin remains the best performer year to date, but has had three losing months in a row.
The Fed Ruins everything, even safety trades.
Every asset looks overvalued to Chicken Little. Low interest rates induce people to take financial risks. Stocks, bonds, and real estate all look pricey to this Chicken's eye.
Even the 'safety' trades have been inflated by the Fed's loose monetary policy. Chicken little likes a non-fiat currency store of money (see Thomas Kuhn & Crypto post). However, it is hard to tell how much of cryptos' price is foam and how much is liquid.
July 2021 Portfolio Position
Chicken Little is hiding in cash with a small repurchase of crypto in the month. Also moved some cash into Treasury Notes - no other changes this month. Still waiting for the apocalypse.
No comments :
Post a Comment