Alternative Commentaries

During the first quarter of 2024, the Trust was higher by 4.1% net of costs, and this brings the Trust’s annualized rate of return since inception [October 2010] to 9.5%

Inflation, Federal Reserve, European Central Bank, Gold, Periodic table of elements, Fiscal deficits, Gold stocks, Warren Buffett, Berkshire

The November-December affect, Price to book ratios, Crypto, Bitcoin, Bank of Japan, Warren Buffett, Behavioral investing

During the fourth quarter of 2023, the MacNicol Investment Team continued to observe a widening gap between the inflation expectations of market participants and both voting and non-voting central bank officials. Catalyzing our concerns that financial markets may have “jumped to conclusions” when it comes to interest rates and a labor market that stands 200 basis points below its long-term (ex-COVID) average and fiscal profligacy that underpins a situation where government spending is leading to unsustainable levels of debt and deficit.

In terms of the labor market, job creation has been weak, and vacancies declined further. This led to a slight uptick in the unemployment rate even as wages are still rising by about 4%. More visible job actions at the Canadian banks and other larger companies offer a slanted view on labor as they gain a disproportionate amount of attention from the media.

The King of all astrological signs (is a Portfolio Manager) …

During the second quarter of 2023, the MacNicol Investment Team observed a number of key developments in the world of alternative assets though we highlight only the most salient ones to you