“You think I’m crazy? Well, listen up, there’s a storm coming like nothing you’ve ever seen, and not a one of you is prepared for it.”
- Curtis LaForche (Michael Shannon), ‘Take Shelter’.
Get your Free
financial review
We have long been obsessed by a particular American film. The following is what we wrote about it three years ago:
In 2011, Jeff Nichols directed the brooding film drama, Take Shelter. Its working class protagonist, Curtis LaForche, played by Michael Shannon – whose resonant bass tones make his every utterance sound like someone pushing a coffin over a cello – begins to suffer terrifying dreams and visions. The family dog attacks him. Storms rain down thick, discoloured liquid, like motor oil. He begins to worry about his own mental health, given that his mother was diagnosed with schizophrenia at a similar stage in her own life. Sensing the worst, he responds by building a storm shelter in his back yard. Are his ominous visions simply hallucinations ? Or are they portents of darker things to come ?
Nichols, the film’s writer and director, has gone on record as stating that at least part of the film owes something to the financial crisis:
“I think I was a bit ahead of the curve, since I wrote it in 2008, which was also an anxious time, for sure, but, yeah, now it feels even more so. This film deals with two kinds of anxiety. There’s this free-floating anxiety that we generally experience: you wake in bed and maybe worry about what’s happening to the planet, to the state of the economy, to things you have no control over. In 2008, I was particularly struck with this during the beginning of the financial meltdown. Then there’s a personal anxiety. You need to keep your life on track—your health, your finances, your family..”
We have written about this film before in the context of the financial markets:
“There’s a degree of pretension in claiming to have a reliable read on the psychology of the marketplace – too many participants, too much intangibility, too much subjectivity. But taking market price index levels at face value, especially in stock markets, there seems to be a general sense that since the near-collapse of the financial system, the worst has passed. The S&P 500 stock index, for example, [recently] reached a new all-time high.. But look at it from an objective perspective, rather than one of simple-minded cheerleading: the market is more expensive than ever – the only people who should be celebrating are those considering selling.”
There are at least two other storm clouds massing on the horizon (we ignore the worsening geopolitical outlook altogether). One is the ‘health’ of the bond markets. The second is the explicitly declining health of the entire world economy, which is threatening to slide into recession. Again. The reality, which is not a hallucination, is that years of Zero Interest Rate Policy everywhere and trillions of dollars, pounds, euros and yen pumped into a moribund banking system have created a ‘Potemkin village’ market offering the illusion of stability. The rot has been growing for some time. In a newsletter written a remarkable eight years ago, Elliott Management wrote as follows:
“..Stock markets around the world are at or near all-time nominal highs, while global interest rates hover near record lows. A flood of newly-printed money has combined with zero percent interest rates to keep all the balls suspended in the air. Nonetheless, growth in the developed world (US, Europe and Japan) has been significantly subpar for the.. years following the financial crisis. Businesses have been reluctant to invest and hire. The consumer is still “tapped out,” and there are significant suppressive forces from poor policy, including taxes and increased regulation. Governments (which are actually responsible for the feeble growth) are blaming the shortfall on “secular stagnation,” purportedly a long-term trend, which enables them to deny responsibility..
“The orchestra conductors for this remarkable epoch are the central bankers in the US, UK, Europe and Japan. The cost of debt of all maturities issued by every country, corporation and individual in the world (except outliers like Argentina) is in the process of converging at remarkably low rates..
“..Sadly, financial market conditions are not the result of the advancement of human knowledge in these matters. Rather, they are the result of policymaker groupthink and a mass delusion. By reducing interest rates to zero and having central banks purchase most of the debt issued by their governments, they think that inflation can be encouraged (but without any risk that it will spin out of control) and that economic activity consequently can be supported and enhanced. We are 5 ½ years into this global experiment, which has never been tried in its current breadth and scope at any other time in history.. the bald fact is that the entire developed world is growing at a sluggish pace, if at all. But governments, media, politicians, central bankers and academics are unwilling to state the obvious conclusion that their policies have failed and need to be revised. Instead, they uniformly state, with the kind of confidence only present among the truly clueless, that in the absence of their current policies, things would be much worse.”
Regardless of the context, stock markets still near all-time highs are things to be sceptical of, rather than to be embraced with both hands. Value investors prefer to buy at the low than at the high. The same holds for bonds, especially when they offer the certainty of a loss in real terms if held to maturity. But as Elliott point out, the job of asset managers is to manage money, and not to “hold up our arms and order the tide to roll back”.. So by a process of logic, selectivity and elimination, we believe the only things remotely worth buying today are high quality stocks trading at levels well below their intrinsic value.
Over multiple years, nothing has changed, even while the monetary insanity has intensified. Or rather, geopolitics have changed, profoundly. Brexit (the referendum, if not quite yet the definitive outcome) has happened. Trump 1.0 happened. The Biden ‘Presidency’ happened. A PCR false-positive pseudo-epidemic has happened. Lockdowns happened. Woke nonsense has happened. Relations between Russia, the US and China have changed, and not positively so. Liberal “elites” have gone mad. John Gray for The New Statesman:
“The mistrust began with disinformation surrounding the Iraq War, increased with the global financial crisis and reached a recent peak with successive iterations of “Project Fear” in the Brexit information war. In Europe, distrust of liberal elites is reflected in the continuing advance of populist parties in Italy and Hungary, among other countries. In all these cases, such elites are being rejected because of their inability to handle crises seen to be of their own making. The near-meltdown of the financial system and chronic difficulties with immigration have all but destroyed the credibility of the liberal centre. No external intervention could have inflicted anything like the damage these episodes have done in undermining its authority. But it is a safe bet that plenty of liberals will continue to believe that outside forces have masterminded the decomposition of the political order they once believed permanent. Nothing will induce them to accept that they have authored their own undoing. With typically unthinking brio, David Cameron has explained Brexit as being a result of “populism”. His partner in the coalition government of 2010-15, Nick Clegg, seems to think much the same. Neither of them seems to have considered the possibility that their policies might have produced the populist reaction.
“This is why liberals find conspiracy theory attractive. It serves to exonerate them from responsibility for what has gone wrong. Supported by liberals in all parties, a decade of austerity produced cuts in public services and infrastructure that damaged much of the British population. Liberals in all parties also promoted large-scale immigration. Anyone who suggested it might have costs as well as benefits, especially for the working poor, was denounced as racist. The rise of Ukip, and then of the Brexit Party, was the predictable result. Populism is the creation of a liberal political class that blames its decline on the stupidity of voters. If the liberal idea is dead, as Vladimir Putin has claimed, it is liberals who have acted as his useful idiots and killed it.”
Three years on, and Trump Administration 2.0 – this time, with real tariffs – has just made landfall. The market focus (a.k.a. projectile vomiting) has primarily been on stocks, but like other commentators, we suspect the real story is taking place in the bond market. Here is investment consultant Jeremy McKeown’s take, as at 7th April 2025, via Linked-In:
“Asian markets fell high single-digit percentages overnight as trade war fears increased over the weekend.
Safe havens include the Japanese yen, the Swiss franc, and gold, all relatively resilient.
Everything else is being torched.
Trump cheerleaders from last year, such as Bill Ackman, have condemned the Trump tariff policy, and even Scott Bessent’s mentor Stan Druckenmiller spoke out against it.
The Donald remained unphased, saying he hadn’t checked his 401(k) this weekend and compared his policy to necessary medicine.
While the headlines focus on the global traded goods sector, a more meaningful analysis might be on the capital and liquidity flows these tariff moves have set in motion.
As Bessent has said, he is the US’s biggest bond salesman, comparing his most pressing job to securing the pilot doors on US commercial aircraft before 9/11. While Ackmann and Druckenmiller have capital at risk that, like others, is being liquidated, Bessent worries about the Treasury 10-year yield and the federal debt burden.
What is clear is that this phase will pass. However, portfolio risk adjustments are necessary.
The narrative for the recovery is still in production; it will centre on a collapsed oil price, lower interest rates, an extension of the 2017 Trump tax cuts, some DOGE successes and massive supply-side reforms, including evidence of inward investment into the US economy.
Of course, none of this is sure to work; otherwise, investors would be happy to hold their nerve. After all, human nature fears loss twice as much as gains; the adjustment can continue for some time.
The new administration has achieved its objective of removing the Trump Put. It needs to collect funds into its safe-haven Treasuries before it executes a pivot back to risk.
However, every stage of this process is fraught with danger.”
In an earlier post from the weekend of April 5th / 6th, Jeremy made the following comparison:
“This is America’s Brexit. This is when global investors re-assess their belief in American Exceptionalism, or at least the price they are being asked to pay for it. As with Brexit, rational economic man cannot comprehend the degree to which some are prepared to take short-term pain for their longer-term ambition. In this case, the price the US administration is prepared to pay to restore manufacturing jobs to Detroit and the wider US rust belt. This is MAGA 2.0 in action and damn the torpedoes!”
We agree. The original Brexit vote marked the point at which British blue-collar workers issued a definitive vote of no confidence in the globalist experiment, complete with offshoring, a hollowing-out of traditional industry, and unwanted mass migration, known as the European Union. Predictably, this vote was ignored by the so-called elites in London and Brussels. Trump 2.0 may prove a harder nut to crack. Trump doesn’t (personally) have to worry about re-election, so he can spend some quality time as a wrecking ball of change, and seizing the nettle of the US’ unsustainable debt load. Whether by accident or design, and probably the latter, tariff chaos helps lower US sovereign borrowing costs in a year when roughly $9 trillion will mature or need to be refinanced. We happen to think that the damage done to US sovereign creditworthiness and credibility by the Biden administration egging on the freezing of Russian foreign reserves was and is irreversible: that particular genie is not going back in the bottle.
So we remain of the view that the future involves a concentration on real assets as opposed to the illusion of fiat ones. So in turn we are more than happy to keep the faith with regard to gold, silver and sensibly priced miners, notwithstanding the elevated volatility that Trump 2.0 has injected into the markets.
Here is what the retired wealth manager Clive Thompson, again via Linked-In, expects. Irrespective of some perhaps inevitable confirmation bias, we also tend to agree:
“Tariffs! You feel you should DO something? Read this first. This is a step-by-step guide to what we can expect for stocks, bonds, the economy and gold.
1) America imposes tariffs.
2) Some foreign nations respond with retaliatory tariffs.
3) Stocks fall; recent purchases show losses.
4) Worst hit are exporters to the US, US importers, and high P/E growth stocks.
5) US sellers shift money into deposits, money-market funds, T-Bills, and T-Bonds.
6) Foreign sellers do the same with domestic equivalents (e.g., gilts, OATs, Bunds).
7) Gold and silver hold gains thanks to central bank buying.
8)”Buy-the-dip” investors sell gold to buy stocks. But stock rallies are brief.
9) Nervous foreign nations reduce US Treasuries, buy more gold, undeterred by price.
10) Prices rise, wages don’t. Everything costs more.
11) With limited funds, people cut spending on both US and foreign goods.
12) Global consumption drops. Economies contract. Stocks are falling.
13) Some businesses fail.
14) Many see reduced profits or slower growth.
15) Asset allocators, analyzing losses, see gold would’ve improved portfolio Sharpe ratios.
16) Portfolio managers begin adding gold.
17) Layoffs rise. Unemployment climbs. A global recession follows.
18) Perversely stocks are rising strongly from the bottom. Stocks are already anticipating central bank stimulus.
19) Slowing economies reduce tax revenues, partly offset by US import tariffs.
20) Governments borrow more to cover shortfalls and rising social costs.
21) Central banks blame consumer price rises on a “one-off,” not underlying inflation.
22) They lower interest rates multiple times to try and boost economies. Longer term Treasury yields remain stubbornly high.
23) With fewer surplus dollars from lower exports, foreign nations buy fewer US Treasuries.
24) Americans buy some, but only at higher yields. Treasury prices fall, yields rise.
25) Higher yields raise debt servicing costs.
26) The Fed becomes lender of last resort, prints money to buy T-Bonds—like in 2008–2011 and 2020–2023. Foreign central banks follow.
27) We have global QE.
28) More money boosts economies. Stocks rise. Gold soars.”
In a financial world experiencing genuine chaos and wild tectonic shifts, there is the possibility that the secular bull in the monetary metals and real assets has only just begun. We can live, quite happily, with that.
………….
As you may know, we also manage bespoke investment portfolios for private clients internationally. We would be delighted to help you too. Because of the current heightened market volatility we are offering a completely free financial review, with no strings attached, to see if our value-oriented approach might benefit your portfolio – with no obligation at all:
Get your Free
financial review
…………
Tim Price is co-manager of the VT Price Value Portfolio and author of ‘Investing through the Looking Glass: a rational guide to irrational financial markets’. You can access a full archive of these weekly investment commentaries here. You can listen to our regular ‘State of the Markets’ podcasts, with Paul Rodriguez of ThinkTrading.com, here. Email us: info@pricevaluepartners.com.
Price Value Partners manage investment portfolios for private clients. We also manage the VT Price Value Portfolio, an unconstrained global fund investing in Benjamin Graham-style value stocks and also in systematic trend-following funds.
“You think I’m crazy? Well, listen up, there’s a storm coming like nothing you’ve ever seen, and not a one of you is prepared for it.”
Get your Free
financial review
We have long been obsessed by a particular American film. The following is what we wrote about it three years ago:
In 2011, Jeff Nichols directed the brooding film drama, Take Shelter. Its working class protagonist, Curtis LaForche, played by Michael Shannon – whose resonant bass tones make his every utterance sound like someone pushing a coffin over a cello – begins to suffer terrifying dreams and visions. The family dog attacks him. Storms rain down thick, discoloured liquid, like motor oil. He begins to worry about his own mental health, given that his mother was diagnosed with schizophrenia at a similar stage in her own life. Sensing the worst, he responds by building a storm shelter in his back yard. Are his ominous visions simply hallucinations ? Or are they portents of darker things to come ?
Nichols, the film’s writer and director, has gone on record as stating that at least part of the film owes something to the financial crisis:
“I think I was a bit ahead of the curve, since I wrote it in 2008, which was also an anxious time, for sure, but, yeah, now it feels even more so. This film deals with two kinds of anxiety. There’s this free-floating anxiety that we generally experience: you wake in bed and maybe worry about what’s happening to the planet, to the state of the economy, to things you have no control over. In 2008, I was particularly struck with this during the beginning of the financial meltdown. Then there’s a personal anxiety. You need to keep your life on track—your health, your finances, your family..”
We have written about this film before in the context of the financial markets:
“There’s a degree of pretension in claiming to have a reliable read on the psychology of the marketplace – too many participants, too much intangibility, too much subjectivity. But taking market price index levels at face value, especially in stock markets, there seems to be a general sense that since the near-collapse of the financial system, the worst has passed. The S&P 500 stock index, for example, [recently] reached a new all-time high.. But look at it from an objective perspective, rather than one of simple-minded cheerleading: the market is more expensive than ever – the only people who should be celebrating are those considering selling.”
There are at least two other storm clouds massing on the horizon (we ignore the worsening geopolitical outlook altogether). One is the ‘health’ of the bond markets. The second is the explicitly declining health of the entire world economy, which is threatening to slide into recession. Again. The reality, which is not a hallucination, is that years of Zero Interest Rate Policy everywhere and trillions of dollars, pounds, euros and yen pumped into a moribund banking system have created a ‘Potemkin village’ market offering the illusion of stability. The rot has been growing for some time. In a newsletter written a remarkable eight years ago, Elliott Management wrote as follows:
“..Stock markets around the world are at or near all-time nominal highs, while global interest rates hover near record lows. A flood of newly-printed money has combined with zero percent interest rates to keep all the balls suspended in the air. Nonetheless, growth in the developed world (US, Europe and Japan) has been significantly subpar for the.. years following the financial crisis. Businesses have been reluctant to invest and hire. The consumer is still “tapped out,” and there are significant suppressive forces from poor policy, including taxes and increased regulation. Governments (which are actually responsible for the feeble growth) are blaming the shortfall on “secular stagnation,” purportedly a long-term trend, which enables them to deny responsibility..
“The orchestra conductors for this remarkable epoch are the central bankers in the US, UK, Europe and Japan. The cost of debt of all maturities issued by every country, corporation and individual in the world (except outliers like Argentina) is in the process of converging at remarkably low rates..
“..Sadly, financial market conditions are not the result of the advancement of human knowledge in these matters. Rather, they are the result of policymaker groupthink and a mass delusion. By reducing interest rates to zero and having central banks purchase most of the debt issued by their governments, they think that inflation can be encouraged (but without any risk that it will spin out of control) and that economic activity consequently can be supported and enhanced. We are 5 ½ years into this global experiment, which has never been tried in its current breadth and scope at any other time in history.. the bald fact is that the entire developed world is growing at a sluggish pace, if at all. But governments, media, politicians, central bankers and academics are unwilling to state the obvious conclusion that their policies have failed and need to be revised. Instead, they uniformly state, with the kind of confidence only present among the truly clueless, that in the absence of their current policies, things would be much worse.”
Regardless of the context, stock markets still near all-time highs are things to be sceptical of, rather than to be embraced with both hands. Value investors prefer to buy at the low than at the high. The same holds for bonds, especially when they offer the certainty of a loss in real terms if held to maturity. But as Elliott point out, the job of asset managers is to manage money, and not to “hold up our arms and order the tide to roll back”.. So by a process of logic, selectivity and elimination, we believe the only things remotely worth buying today are high quality stocks trading at levels well below their intrinsic value.
Over multiple years, nothing has changed, even while the monetary insanity has intensified. Or rather, geopolitics have changed, profoundly. Brexit (the referendum, if not quite yet the definitive outcome) has happened. Trump 1.0 happened. The Biden ‘Presidency’ happened. A PCR false-positive pseudo-epidemic has happened. Lockdowns happened. Woke nonsense has happened. Relations between Russia, the US and China have changed, and not positively so. Liberal “elites” have gone mad. John Gray for The New Statesman:
“The mistrust began with disinformation surrounding the Iraq War, increased with the global financial crisis and reached a recent peak with successive iterations of “Project Fear” in the Brexit information war. In Europe, distrust of liberal elites is reflected in the continuing advance of populist parties in Italy and Hungary, among other countries. In all these cases, such elites are being rejected because of their inability to handle crises seen to be of their own making. The near-meltdown of the financial system and chronic difficulties with immigration have all but destroyed the credibility of the liberal centre. No external intervention could have inflicted anything like the damage these episodes have done in undermining its authority. But it is a safe bet that plenty of liberals will continue to believe that outside forces have masterminded the decomposition of the political order they once believed permanent. Nothing will induce them to accept that they have authored their own undoing. With typically unthinking brio, David Cameron has explained Brexit as being a result of “populism”. His partner in the coalition government of 2010-15, Nick Clegg, seems to think much the same. Neither of them seems to have considered the possibility that their policies might have produced the populist reaction.
“This is why liberals find conspiracy theory attractive. It serves to exonerate them from responsibility for what has gone wrong. Supported by liberals in all parties, a decade of austerity produced cuts in public services and infrastructure that damaged much of the British population. Liberals in all parties also promoted large-scale immigration. Anyone who suggested it might have costs as well as benefits, especially for the working poor, was denounced as racist. The rise of Ukip, and then of the Brexit Party, was the predictable result. Populism is the creation of a liberal political class that blames its decline on the stupidity of voters. If the liberal idea is dead, as Vladimir Putin has claimed, it is liberals who have acted as his useful idiots and killed it.”
Three years on, and Trump Administration 2.0 – this time, with real tariffs – has just made landfall. The market focus (a.k.a. projectile vomiting) has primarily been on stocks, but like other commentators, we suspect the real story is taking place in the bond market. Here is investment consultant Jeremy McKeown’s take, as at 7th April 2025, via Linked-In:
“Asian markets fell high single-digit percentages overnight as trade war fears increased over the weekend.
Safe havens include the Japanese yen, the Swiss franc, and gold, all relatively resilient.
Everything else is being torched.
Trump cheerleaders from last year, such as Bill Ackman, have condemned the Trump tariff policy, and even Scott Bessent’s mentor Stan Druckenmiller spoke out against it.
The Donald remained unphased, saying he hadn’t checked his 401(k) this weekend and compared his policy to necessary medicine.
While the headlines focus on the global traded goods sector, a more meaningful analysis might be on the capital and liquidity flows these tariff moves have set in motion.
As Bessent has said, he is the US’s biggest bond salesman, comparing his most pressing job to securing the pilot doors on US commercial aircraft before 9/11. While Ackmann and Druckenmiller have capital at risk that, like others, is being liquidated, Bessent worries about the Treasury 10-year yield and the federal debt burden.
What is clear is that this phase will pass. However, portfolio risk adjustments are necessary.
The narrative for the recovery is still in production; it will centre on a collapsed oil price, lower interest rates, an extension of the 2017 Trump tax cuts, some DOGE successes and massive supply-side reforms, including evidence of inward investment into the US economy.
Of course, none of this is sure to work; otherwise, investors would be happy to hold their nerve. After all, human nature fears loss twice as much as gains; the adjustment can continue for some time.
The new administration has achieved its objective of removing the Trump Put. It needs to collect funds into its safe-haven Treasuries before it executes a pivot back to risk.
However, every stage of this process is fraught with danger.”
In an earlier post from the weekend of April 5th / 6th, Jeremy made the following comparison:
“This is America’s Brexit. This is when global investors re-assess their belief in American Exceptionalism, or at least the price they are being asked to pay for it. As with Brexit, rational economic man cannot comprehend the degree to which some are prepared to take short-term pain for their longer-term ambition. In this case, the price the US administration is prepared to pay to restore manufacturing jobs to Detroit and the wider US rust belt. This is MAGA 2.0 in action and damn the torpedoes!”
We agree. The original Brexit vote marked the point at which British blue-collar workers issued a definitive vote of no confidence in the globalist experiment, complete with offshoring, a hollowing-out of traditional industry, and unwanted mass migration, known as the European Union. Predictably, this vote was ignored by the so-called elites in London and Brussels. Trump 2.0 may prove a harder nut to crack. Trump doesn’t (personally) have to worry about re-election, so he can spend some quality time as a wrecking ball of change, and seizing the nettle of the US’ unsustainable debt load. Whether by accident or design, and probably the latter, tariff chaos helps lower US sovereign borrowing costs in a year when roughly $9 trillion will mature or need to be refinanced. We happen to think that the damage done to US sovereign creditworthiness and credibility by the Biden administration egging on the freezing of Russian foreign reserves was and is irreversible: that particular genie is not going back in the bottle.
So we remain of the view that the future involves a concentration on real assets as opposed to the illusion of fiat ones. So in turn we are more than happy to keep the faith with regard to gold, silver and sensibly priced miners, notwithstanding the elevated volatility that Trump 2.0 has injected into the markets.
Here is what the retired wealth manager Clive Thompson, again via Linked-In, expects. Irrespective of some perhaps inevitable confirmation bias, we also tend to agree:
“Tariffs! You feel you should DO something? Read this first. This is a step-by-step guide to what we can expect for stocks, bonds, the economy and gold.
1) America imposes tariffs.
2) Some foreign nations respond with retaliatory tariffs.
3) Stocks fall; recent purchases show losses.
4) Worst hit are exporters to the US, US importers, and high P/E growth stocks.
5) US sellers shift money into deposits, money-market funds, T-Bills, and T-Bonds.
6) Foreign sellers do the same with domestic equivalents (e.g., gilts, OATs, Bunds).
7) Gold and silver hold gains thanks to central bank buying.
8)”Buy-the-dip” investors sell gold to buy stocks. But stock rallies are brief.
9) Nervous foreign nations reduce US Treasuries, buy more gold, undeterred by price.
10) Prices rise, wages don’t. Everything costs more.
11) With limited funds, people cut spending on both US and foreign goods.
12) Global consumption drops. Economies contract. Stocks are falling.
13) Some businesses fail.
14) Many see reduced profits or slower growth.
15) Asset allocators, analyzing losses, see gold would’ve improved portfolio Sharpe ratios.
16) Portfolio managers begin adding gold.
17) Layoffs rise. Unemployment climbs. A global recession follows.
18) Perversely stocks are rising strongly from the bottom. Stocks are already anticipating central bank stimulus.
19) Slowing economies reduce tax revenues, partly offset by US import tariffs.
20) Governments borrow more to cover shortfalls and rising social costs.
21) Central banks blame consumer price rises on a “one-off,” not underlying inflation.
22) They lower interest rates multiple times to try and boost economies. Longer term Treasury yields remain stubbornly high.
23) With fewer surplus dollars from lower exports, foreign nations buy fewer US Treasuries.
24) Americans buy some, but only at higher yields. Treasury prices fall, yields rise.
25) Higher yields raise debt servicing costs.
26) The Fed becomes lender of last resort, prints money to buy T-Bonds—like in 2008–2011 and 2020–2023. Foreign central banks follow.
27) We have global QE.
28) More money boosts economies. Stocks rise. Gold soars.”
In a financial world experiencing genuine chaos and wild tectonic shifts, there is the possibility that the secular bull in the monetary metals and real assets has only just begun. We can live, quite happily, with that.
………….
As you may know, we also manage bespoke investment portfolios for private clients internationally. We would be delighted to help you too. Because of the current heightened market volatility we are offering a completely free financial review, with no strings attached, to see if our value-oriented approach might benefit your portfolio – with no obligation at all:
Get your Free
financial review
…………
Tim Price is co-manager of the VT Price Value Portfolio and author of ‘Investing through the Looking Glass: a rational guide to irrational financial markets’. You can access a full archive of these weekly investment commentaries here. You can listen to our regular ‘State of the Markets’ podcasts, with Paul Rodriguez of ThinkTrading.com, here. Email us: info@pricevaluepartners.com.
Price Value Partners manage investment portfolios for private clients. We also manage the VT Price Value Portfolio, an unconstrained global fund investing in Benjamin Graham-style value stocks and also in systematic trend-following funds.
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