Dow black cloud. Silver lining. (Gold lining?)

Posted on Jun 07, 2010 by in Letters

Actually, maybe it's a gold lining.  While the Dow was deteriorating gold was contributing to account equity -- as was silver.  Both could probably stand add-ons to the position.  You will remember our admonition about portfolio allocation:  increase commitments to profitable positions, decrease commitments to losing positions.

UUP, the dollar index also continued to contribute profits rather than sucking them away.  There is an ongoing lesson here in the value of diversity.

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