July Portfolio Update
As Jim discussed in this month’s briefing, the U.S. is already in a recession which is slowing the economy and impacting consumer discretionary spending. We still expect oil and gas stocks to outperform most other sectors while consumer discretionary stocks will have difficulty pushing through cost increases to customers. With the Fed risking a policy mistake by tightening into a weakening economy, gold continues to be a better store of long-term value than U.S. dollar bank deposits that pay below-inflation rates of interest. For now, Dan gives guidance on all the open positions.