Small changes around the margins:
- Sold bitcoin down to a 2% position. Mixed signals. I may buy it back, leave it, or sell it all.
- Cut platinum from 2% to 1%, not working compared to copper, silver and gold.
- Bought 0.5% position in Nickel Miners ETF (NIKL). May buy some more.
- Bought 2% gold. Would like to buy gold miners.
Long inflation. Hedgeye predicts 9 months of rising yoy inflation. I want to own a basket of commodities that perform well in inflation:
Source: Exhibit 9, The Best Strategies for Inflationary Times
Primarily Energy, but don't overdo it cause theres only a small sample size (8 cases above), and every time can be different. So added precious and industrials. Tough to own ags/softs/livestock or their producers, though I have United Plantations (palm oil). I expect energy to perform well regardless of growth. Gold to do better in stagflation. And industrials to do better with inflationary-growth.
And if I was really brave, I'd be shorting long term bonds to fund it all (see Exhibit 8).
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