Latest

Q1 2025 Performance Review

As a matter of record, I publish performance data for the two portfolios in the Multi-Asset Investor, Whisky and Soda, for Q1 2025. With Trump’s tariffs announced on Thursday, 2 April, much has happened over the past two weeks, making Q1 a distant memory of market calm. Regardless, I

DataGroup SE (D6H) Bid

“Bidder intends to launch a public purchase offer for all outstanding shares of DATAGROUP at a price of EUR 54.00 per share in cash… The management board and the supervisory board of DATAGROUP, which have approved entering into the investment agreement today, support the Offer which they consider to

Life’s Essentials - Food and Clothing

Trade in Whisky; I hope you’ve survived the recent turmoil. It has been a stressful two weeks, and my highest priority has been capital preservation. That has meant reducing portfolio risk in the areas that might be impacted by the new world chaos. This week, I add a new

Bitcoin Shows Strength Amidst Market Turmoil

💡This issue covers TRON (TRX), XinFin (XDC), OnyxCoin (XCN), and Mantra (OM). ByteFolio Issue 154; There has been some reprieve for financial markets as the tech sectors have been spared the worst of tariffs. Bitcoin is insulated from the trade wars, but when investors take fright, everything feels the pain.

Venture: Gold Mining

Issue 66; With gold making a new all-time high, we have reviewed the gold mining sector and now present another opportunity for a company that is beating the sector, with a rerating to look forward to.

Venture: Portfolio Update

Issue 65; Trump has stepped back from the worst of the tariffs, and the market has rallied. Yet, huge damage has been left behind. UK large-caps (black) have held up well, but small- and mid-caps have fared worse. Yet, the dollar is down, and the Nasdaq futures, which rallied last

Venture: European Internet

Issue 64; Given recent events, we have been looking for opportunities in markets which are both insulated from tariffs and offer a good opportunity.

Flash Note: Reducing Exposure in the Energy Sector

In light of the continued weakness in the oil price, now below $60 per barrel, I believe we should further reduce exposure to the energy sector.

Capital Preservation During Times of Stress

Trade in Whisky; Yesterday, the VIX spiked higher and reached 60 at the US opening. That is a very high number that has never lasted for very long. It reflects higher future volatility in the stockmarket, derived from inflated option prices, which reflects extreme market uncertainty. The modest dip to

Market Meltdown

💡This issue covers TRON (TRX), BNB Chain (BNB), and Solana (SOL). ByteFolio Issue 153; In the early days of Trump’s term, crypto was all the rage, but now the discussion has moved on to tariffs. Global financial markets are in meltdown, and while Bitcoin has held up well, it

Flash Note: Risk Reduction

Trades in Soda and Whisky; Following yesterday’s note, China has retaliated with 34% retaliatory tariffs, and this is now escalating into a global trade war. The Liberation Day tariffs are disastrous for the stockmarket and the economy. I would expect Trump to act and bring some good news, but

Gold All-Time High

ByteTree BOLD Index Monthly Rebalancing Report; Following the rebalancing on 31st March 2025, the new target weights for the BOLD Index are 25.7% Bitcoin and 74.3% Gold, a 0.2% increase for Bitcoin over the previous month. The 21Shares ByteTree BOLD ETP (BOLD) invests in Bitcoin and Gold.

Flash Note: No Action

Given today’s events, I am sharing a few thoughts.

Hard Assets and Gold

With gold trading at an all-time high and many commodity prices on the rise again, it is starting to feel as though the next wave of inflation is approaching. This is now being priced in by financial markets, assisted by policy uncertainty and the rise in tariffs. USA Two-Year Inflation