To SMA clients and friends of Vailshire Capital Management: Like oxygen, liquidity generally gets taken for granted… until it suddenly disappears Indeed, the Fed’s “higher for longer” mantra rages on and, as it does, the risk for wreaking market havoc rises ever faster Though the future is unknowable, those who are wisely prepared will likely experience the best outcomes Current …
August 2023 Update for Vailshire’s Separately Managed Account Clients
To SMA clients and friends of Vailshire Capital Management: The Fed raised 25 bps, Powell spoke… and the markets yawned Both worldwide liquidity and net liquidity in the US have been trending sideways-to-down since their peaks in 1Q 2023 During the month of July, we added two more capital efficient businesses to our “stagflation-busting” portfolios Current Market Conditions Crabbish: Neither …
July 2023 Update for Vailshire’s Separately Managed Account Clients
To SMA clients and friends of Vailshire Capital Management: Net liquidity contraction in June was less bad than many had anticipated An increasing number of institutional investors are starting to understand that proof of work Bitcoin and proof of stake “crypto” have nothing relevant to do with each other Vailshire’s 60% stock and 40% sound money portfolios hope to outperform …
June 2023 Update for Vailshire’s Separately Managed Account Clients
To SMA clients and friends of Vailshire Capital Management: All eyes are on the debt ceiling debacle Net liquidity may contract while the Treasury General Account is replenished Risk assets may underperform in the near-term, creating compelling long-term buying opportunities Current Market Conditions All Eyes on the Debt Ceiling Debacle Greetings from Colorado Springs! I hope this monthly investor update …
May 2023 Update for Vailshire’s Separately Managed Account Clients
To SMA clients and friends of Vailshire Capital Management: Another bank bites the dust (RIP First Republic) The Federal Reserve has its hands full in keeping the financial markets calm Despite reaching near-term overbought levels, sound money is making a comeback Current Market Conditions Sticky High Inflation and a Sticky Hawkish Fed Greetings from Colorado Springs! This weekend marks the …
April 2023 Update for Vailshire’s Separately Managed Account Clients
Greetings from Colorado Springs! March is winding down and attention is now being turned to the new beginnings of Spring. If you happen to celebrate Easter, as my family does, then I hope it is a great celebration for you and your loved ones. (Graph: Although not as impressive as Bitcoin, gold has also fared quite well since worldwide liquidity …
March 2023 Update for Vailshire’s Separately Managed Account Clients
March has arrived! And every day here in Colorado Springs seems to alternate between winter and spring… which keeps things interesting. I hope all is well with you, wherever this monthly update finds you. (Graph: Net liquidity in the United States grew massively from early 2020 through the end of 2021. Since then, it has been on an equally strong …
February 2023 Update for Vailshire’s Separately Managed Account Clients
Happy Groundhog Day from Colorado Springs! I’m not quite sure why or how this became a national holiday (of sorts) in the United States… but here we are. (Graph: After being in a strong bear market for greater than one year, bitcoin has finally popped above its 200-day moving average and regained bullish momentum.) My least favorite part about writing …
January 2023 Update for Vailshire’s Separately Managed Account Clients
Happy New Year from Colorado Springs! 2022 was a difficult year for many in the financial markets. At the start of 2023, it still looks like it will get worse before it gets better. Not a particularly fun way to start my first update of 2023 but, as the saying goes, we must “play the hand that we are dealt.” …
December 2022 Update for Vailshire’s Separately Managed Account Clients
Greetings! I hope each of you had a wonderful Thanksgiving, surrounded by those you love. I drove my family 1,000 miles (each way) to celebrate with extended family and friends in Minnesota… which was really fun and relaxing. Our 19-year old minivan notched another epic road trip onto its belt! (Graph: The S&P 500 rose above its 200-day moving average …