I know a lot of people and investors have been left confused by this month. How can we have “Liberation Day Tariffs” tank the market, a treasury market crisis, surging gold price, and basically have market back to flat? Has nothing really changed? Was it just a fever dream? Is it just buy the dip to infinity?
For me, I don’t mind these markets, they are pretty much playing out as I would have expected. And what I really love is that broadly speaking investors are in deep denial about the changes that are going on. The continually want to analyse the world through a lens that comes from a past that is no longer with us.
For me, I am happy the market has reversed a bit - it gives me much better entry point for Brumby Capital. As you could imagine, the fund was up big in early April, and has given back some of that gains. But now it time to liquidate my personal portfolio, and transfer cash to Brumby Capital, which will invest in a similar, but not identical manner to my personal portfolio that I have been publishing for the last few years.
