PPP – Choppy

Today we bought shares of EWZ (Brazil), 36 shares @$70.59; FXI (China), 60 shares @ $42.35; IEV (Europe), 70 shares @ $38.37; IYE (Energy), 77 shares @ $33.12; JKE (US Large Growth), 50 shares @ $54.29; and JKF (US Large Value), 50 shares @ $52.15. 

Comment: We brought each from 1/2 allocation to their neutral allocation of 5% of the overall portfolio.  Currently, our belief and bias is that most assets classes are both weak and overbought.  Although we are moving back to a neutral position, we would not be at all surprised to return to a half allocation in short order.  But as the renowned british economist John Maynard Keynes said, “The market can be wrong longer than you can remain solvent.”  So we continue to take short-term cues from market behavior, fickle as it is.  Our primary goal is to avoid significant and/or sharp declines in the asset classes we own on your behalf.


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