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Blog
REVERSING OUR LAST DEFENSIVE MOVE
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The events of the last week have caused us to reverse our recent defensive move. First, the election took place with virtually no civil unrest and second, Pfizer announced that the testing of their Covid-19 vaccine showed amazing 90% successful results. |
Why Have We Taken Our Defensive Position Up to the 50% Level?
Going into the final days before the election, the race has tightened significantly in the battleground states, consequently the threats of strife and violence have greatly increased. This is unprecedented for the United States which is considered to be the most stable democratic-republic in the world. There are reports that both the left and the right are preparing for possible conflict. A number of cities are boarding up in advance to prepare for post-election violence. This is the primary source of the uncertainty that has prompted us to increase our short-term treasuries plus cash to the 50% level.
The secondary source of the uncertainty is the response to the Covid-19 spike in cases, especially in Europe. We are not judging whether the lock downs are an appropriate response to deal with the virus or not, but the effects would be disastrous for their economies and would have an effect on global trade.
More Americans are retiring earlier than you might think
