Capital Flows and Asset Markets
Capital Flows and Asset Markets
JANUARY PORTFOLIO REVIEW
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JANUARY PORTFOLIO REVIEW

A wild month indeed

The core trade of GLD/TLT continues to do well, hitting a new high during the month.

When I look at the long term graph of this chart, we can see we are still at the foothills of this move.

When I look at previous moves in GLD/TLT in the late 1970s, and 2000s, you wanted to be long oil and gas names. That has not been the case this cycle - and I think, during this wild and crazy January, I have worked out why.

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