Investor,
There’s no time like the present to discuss where we are in this difficult market. We feel as challenged running the portfolio as we did during the Great Recession because it does seem that things can lift, but not for more than a few days before another collapse.
Right now we are in a classic Fed-orchestrated slowdown with the hope of, to use the cliched plane analogy, a soft landing. Two weeks ago, Powell switched to solely fighting inflation, not the promotion of jobs while punishing inflation. It didn’t work.
This is a market that easily goes to extremes, with the downside most evident right now, and we have been setting ourselves up for this moment in a way that needs more depiction.
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