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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Portfolio Watch: The Real World Is Reflating Again
Welcome to this week’s rundown of our portfolio, its performance, and our most clear-cut conviction for the period ahead. The cocktail of better...
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