Capital Flows and Asset Markets
Capital Flows and Asset Markets
AUGUST - PORTFOLIO REVIEW
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AUGUST - PORTFOLIO REVIEW

GLD/TLT did what it was suppose to do - but other assets wanted to trade deflationary.

August seemed like one of those months that went on forever. It started with the BOJ raising rates, and a weak employment number in the US, driving huge volatlity. We saw a rapid rally in the Yen, and Nikkei VIX top 70.

This briefly caused GLD/TLT to dip, but was fully recovered by the end of the month.

I had assumed that as the BOJ was tightening because Japan was also moving pro-labour. Pro labour policies are positive for Japan in my mind, and this would not have a particularly negative effect on Japanese assets. The Topix in USD terms, finished the month back at highs.

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