Something BIG Changed and we responded….QUICK!

For a long time, hedge fund managers and economists have asserted that China’s official financial statistics were “optimistic and unrealistic”. Today, China appeared to be recognizing some of these excesses. The main concern here is a liquidity crisis in China that might rival the US 2007 – 2008. While we don’t have emerging markets exposure in any of our portfolios, the fall out seems to have hit the US and world fragile recovery. Last week and the week prior, we started selling some real estate and bonds, as the market anticipated higher interest rates. As this week began, we saw several institutional money managers, like Hanlon Investments move heavily to cash, reducing their overall stock exposure. Our trading system voiced similar caution. We moved Monday to significantly reduce our stock exposure and eliminated our international exposure. While we all wish this movement to protection had happened sooner, that is taken in hindsight and we follow a defined system to protect. We took these steps to uphold your trust and confidence.

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