OUR FEBRUARY RESULTS – STILL A GREAT START TO 2017
Our weighted average return in February was +1.95%, bringing our YTD return to +4.38% (net of all fees).
Many of the themes that we wrote about last month are still very much in play. Biotech continues to deliver and so too do our investments in robotics. Our European investments also had a good month and our bonds continue to deliver steady returns.
The ongoing flow of positive economic data from the US will probably result in further tightening from the US Fed in March. Economic data in Europe is also picking up. Inflation in Germany is at + 2.2%. If this continues, how long can the ECB leave rates at 0%? Whomever answers this question most accurately will make a lot of money. We do not know when rates in Europe will rise, but are aware of the fact that this could be sooner than most people think.
Looking forward to March, we do not anticipate any radical departures from our current investment strategies. We do not find this market ‘crazy’ or ‘overvalued’. Both are relative terms usually used by those that are usually do not fully appreciate deeper intricacies of human psychology and/or securities markets. Our job is to make money by making choices, not by giving or listening to opinions.
Lastly, no, we did not buy SNAP Inc. for our portfolios.
Thank you for your continued trust and support!