Capital Flows and Asset Markets
Capital Flows and Asset Markets
APRIL NEWSLETTER AND REVIEW
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APRIL NEWSLETTER AND REVIEW

GLD/TLT was great - other ideas not so much
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April saw GLD/TLT surge to new cycle highs, which was very pleasing.

We also saw general weakness in equities, which was very pleasing. Peak outperformance had the portfolio up 5% with markets off 5%, but by the end of the month the portfolio had moved back to flat, with markets up around 4%. I have started to make some changes to the portfolio.

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Capital Flows and Asset Markets
Capital Flows and Asset Markets
Explaining how capital flows and asset markets work