The bull isn’t backing off just yet. SPY surged another 3.4% since my last update, while my portfolio put up a more modest +1.6%. Not the kind of spread I love to see, but I’m staying disciplined.
The market seems pretty relaxed about the lingering tariff overhang, pricing in a rate cut in September like it’s already signed and sealed. We’ll see.
No major moves on my end this time. Some of my anti-beta spells aren’t exactly shining, but I suspect they’re quietly doing their job in this kind of environment. I’m resisting the urge to tinker just for the sake of short-term performance. Discipline > dopamine.
Here’s hoping your portfolios are capturing more of this rally than mine! Whether you’re fully invested or keeping some powder dry, these are interesting times to be in the market.
P.S. If you’re battling a bit of FOMO, Howard Marks’ latest memo is a great antidote.
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