My short options from last month expired unexercised. The dramatic decline in the value of my GDX holdings offered me the opportunity to buy more, so I did. I can't ignore a P/E of 10, which is more than a 25% discount from the P/E of 14 that represents the long-run average for U.S. equities. I continued to write covered calls on my GDX and even wrote some cash-covered puts underneath this holding. I will continue to hold GDX as a hard asset hedge against the onset of hyperinflation in the U.S.
I did not change my holdings of FXA, FXC, or FXF. I executed no options plays for those tickers. I will continue to hold those three currency ETFs as hedges against the likely future devaluation of the U.S. dollar.
I continue to maintain cash reserves to deploy in any major market dislocation. I do not know when this will occur but anything could be a trigger.
I do not feel sorry for professional portfolio managers who believe they must be long something or other in this market. They can always do the ethical thing and resign to pursue other interests and prepare their families for the times that come. I know they won't change. I'll still be around when they're gone.
I did not change my holdings of FXA, FXC, or FXF. I executed no options plays for those tickers. I will continue to hold those three currency ETFs as hedges against the likely future devaluation of the U.S. dollar.
I continue to maintain cash reserves to deploy in any major market dislocation. I do not know when this will occur but anything could be a trigger.
I do not feel sorry for professional portfolio managers who believe they must be long something or other in this market. They can always do the ethical thing and resign to pursue other interests and prepare their families for the times that come. I know they won't change. I'll still be around when they're gone.
