Q2 2022

  Portfolio   My portfolio went down 28% in the first half of 2022, which is 17% more than the S&P 500 (Total return, GBP index).   The performance on a relative basis looks very poor. A big part of the underperformance came from the 50% decline in Meta Platform (formerly Facebook) share price. Rest of my… Continue reading Q2 2022

Q1 2021

General market “The biggest risk of all is the possibility of rising interest rates. The downward trend in rates is over (if we can believe the Fed’s assurance that it won’t take nominal rates into negative territory). Thus, while interest rates can rise from here, they can’t decline. This creates a negatively asymmetrical proposition. Can… Continue reading Q1 2021

Q3 2020

Performance Since the depth of the Covid-19 induced crisis, the market has increased by 50%. The bullish market was driven by both fiscal and monetary stimulus from the US government and US central bank. What we learned from observing the period is that most of the bullishness might have been more driven by the fiscal… Continue reading Q3 2020