May Themes and Thematic Portfolio Review
We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.
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Overview #5 – Overheated Commodities Get Some of the Steam Taken Out of Them
Global regulators increase margin requirements for certain commodities, while the Federal Reserve belatedly warns of inflation risks.
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Overview #4 - Analysis of Chinese Travel Data Is on the Wrong Path.
Changing consumer preferences affecting Chinese May Day travel data, while consumers in the US and Japan are dealing with declining real incomes.
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1st Quarter 2024 Letter to Investors
Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry...
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US Employment Report Superficially Strong Again
Stocks and Gold rise on strong US employment data, but underlying economic concerns persist while Bank of Japan grapples with credibility issues.
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