Hi, Smart Investors. In this article I explain the major market developments of recent months and their impact on our SIA-style portfolios and proceed with the end-of-month rebalancing for GLP. The PP portfolio rebalance is explained here. Main trends of recent months We’re now 5 months into the Covid-19 recession. Meanwhile we saw a 37%…
Quite a bit of action on the markets in the middle of the summer season. We’re almost half way through the reporting season. As I wrote here the downbeat expectations make the 2Q20 positive aggregate earnings surprises quite impressive. A lot is going on in some of the commodities as well as the monetary and…
In this post I present the basics of macroeconomic cycles. I explain the main definitions and present the main streams of academic thinking about economic cycles. As you possibly know economic cycles constitute the possibly most important determinant of business life of temporary societies. They also are the very clue of our Smart Investing Approach.…
Last week could be split in half really. Bullish 1st half and much worse 2nd half. Here’s what was up in short: Last week -> Monday kicked off with a positive tone on the back of high-techs coming back from the previous week’s dismal underperformance. We also heard positive data on the Pfizer/BioNTech and Oxford…
Greetings from the Netherlands dear Smart Investors! I strongly recommend visiting this beautiful flat-like-a-table country to anyone who likes active holidays. Biking routes are plenty everywhere and the Dutch plains are so easy for the kids to bike! You really feel save eveywhere you go with your bike, as bikers have top priority here :).…
Last week was pretty interesting actually, even though we’re in the middle of the summer season. There has been little macro data, hence the market concentrated more on stock-specific situations. Let’s take a look: Last week -> Global markets rallied on Monday to start the week, boosted, amongst others, by the Chinese government telling people…
In the Deep Dive into SIA series of articles I write in-depth analysis of the Smart Investing Approach (SIA). So far we have covered the following issues: Why should excess debt be avoided in picking stocks – Deep Dive into SIA (1) Are higher dividends better than higher growth? – Deep dive into SIA (2)…
It was a shorter week last week due to a day off on Friday to celebrate the Independence Day in the USA. Here’s what was up in short: Last week -> The markets last week were slowly getting used to the rising virus cases and the marginal negtive effect of such news on the equity…
Here comes the June rebalance of the SIA-Style Pension Portfolio (PP). The rebalance PP had an appx. 10% equity allocation as of end of May 2020, which is the middle of the Contraction-eligible range for a SIA-style portfolio. As I have mentioned in a more detailed description of the current state of markets in my…
Today I am rebalancing both of the SIA-style Portfolios, as another month has passed. Let me start with the Global Leaders Portfolio (GLP) here. So, since the Inception (28th Jan 2020) the GLP has done a great job of preserving the capital during the Covid-19 extreme downturn (max monthly drawdown -1,5% vs. -14% for SP500…
