Posted: July 21, 2022 | by: Thomas F. McKeon, CFA
In this issue: Review & Outlook 2Q-2022, Beware the Headlines, Manipulators and Exractors, Swing...and a Miss, CSCP Update and more.
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2Q-2022 picked up right where 1Q-2022 left off—with sharp declines in asset prices across the board. The proximate cause was the specter and reality of inflation and increasing interest rates combined with the prominent promotion of a looming recession, which may or may not ever materialize.
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What I learned long ago on the trading floor of the Philadelphia Stock Exchange is that every trade has a counter-party and every counter-party has their own objectives, motives, assumptions and expectations. Quite often, they also have better information.
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We have used the sell off to do some opportunistic re-positioning and re-balancing to take advantage of these now abundant bargains. Where clients have cash, we are spending it.
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Last week at the July option expiration we had a relatively rare occurrence almost happen.
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We recently saw a tweet from a U.S. Congressman decrying the large and growing assets under management of the Big Three ETF sponsors (Blackrock, Vanguard and State Street) as obscene. He is wide of the mark.
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We made our first investment in First Trust Deeds this quarter, a pooled construction loan and secured by a first lien on the property and paying 10.0% annual. There is much inventory and capacity to invest in here.
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CSCP is a private partnership and a non-registered security only open to “accredited investors.” The SEC revised and expanded the definition of “Accredited Investor” in August of 2020. Below are the current categories of individual or entities that meet the definition.
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Yusuf Islam (Cat Stevens) Performing “Peace Train” backed by the Harlem Gospel Choir and a band of well-known studio and performance musicians, at his induction into the Rock & Roll Hall of Fame in 2014. Seems like an appropriate song for this moment in world affairs.
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