Morning Note

Asian equities got hammered overnight, with all but 2 of the markets we track closing in the red. Europe, while well off the session lows, is taking a beating this morning as well; all but 5 of the 19 bourses we follow presently trading lower. U.S. stocks, also presently off the session lows, are red across the board as I type: Dow down 63 points (-0.22%), S&P 500 down 0.85%, Nasdaq down 1.42%, Russell 2000 down 1.31%.

The VIX (SP500 implied volatility) is up 3.92%. VXN (Nasdaq vol) is up 3.49%.

Oil futures are up 2.07%, gold’s down 0.72%, silver’s down 0.71%, copper’s up 0.21% and the ag complex is up 0.58%.

The 10-year treasury is appropriately bid higher (yield lower) and the dollar, while having been notably higher this morning, when stocks were notably lower, is presently flat, -0.03%.

Our core portfolio, being led lower by tech, financials, utilities, gold and silver, is down a modest -0.21% so far this morning. Five or our holdings — ag commodities, Verizon, industrials, materials and the yen — are nicely offsetting the losers as I type.

Having just published our must-read 😎 weekly message, I’ll keep this one brief and leave you with these timely quotes from Reinhart and Rogoff’s This Time Is Different: Eight Centuries of Financial Folly:

“If there is one common theme to the vast range of crises we consider in this book, it is that excessive debt accumulation, whether it be by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.”

“Countries, institutions, and financial instruments may change across time, but human nature does not.”

Have a great day!



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