October Portfolio Update
Changes in China’s property sector and banking system is one of the biggest blind spots in today’s market. A managed cooling of China’s once-hot property market and credit system has bearish long-term implications for stocks ranging from HSBC to GM to Caterpillar. As always, we will pursue what the market offers us, looking for the best setups we can find in put spreads. For now, Dan gives guidance on the open positions in the portfolio.