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Buffett, Float, and Quality

Last weekend, Warren Buffett announced that he was stepping down from Berkshire Hathaway (BRK) after 55 years as CEO. Since 1987, $100 invested is now worth $25,000, which is five times more than the S&P 500. If you start the clock in 1970, which my chart won’

The Passive Bubble

Trade in Soda; Passive investors are currently not passive at all; they are growth investors, and massively so. We are at one of those times in history when being a passive investor is a very bad idea. Passive investing, whereby you hold low-cost index funds, is an efficient way for

Black Smoke, Gold, and Bitcoin

Trade in Whisky; I hope you had a good Easter break. If you were watching US markets on Monday, you may have been surprised by the market’s reaction to the Pope’s passing. Digging a little deeper, I discovered it was President Donald Trump who had branded the Federal

Q1 2025 Performance Review

As a matter of record, I publish performance data for the two portfolios in the Multi-Asset Investor, Whisky and Soda, for Q1 2025. With Trump’s tariffs announced on Thursday, 2 April, much has happened over the past two weeks, making Q1 a distant memory of market calm. Regardless, I

Life’s Essentials - Food and Clothing

Trade in Whisky; I hope you’ve survived the recent turmoil. It has been a stressful two weeks, and my highest priority has been capital preservation. That has meant reducing portfolio risk in the areas that might be impacted by the new world chaos. This week, I add a new

Flash Note: Reducing Exposure in the Energy Sector

In light of the continued weakness in the oil price, now below $60 per barrel, I believe we should further reduce exposure to the energy sector.

Capital Preservation During Times of Stress

Trade in Whisky; Yesterday, the VIX spiked higher and reached 60 at the US opening. That is a very high number that has never lasted for very long. It reflects higher future volatility in the stockmarket, derived from inflated option prices, which reflects extreme market uncertainty. The modest dip to