- S&P and Dow Jones Industrial continued their new-high-making process in Q2. The Fed halted on their rate-hiking path and may cut rate later in 2019, which is a very dangerous sign. However, lower rates is like cocaine – adding instant pleasure to the drug addicts but making their life entirely depending on it. I would say the bull now is like such cocaine addict. And we will not participate in this rally. We will continue maintain 15%-35% in cash or cash equivalents and find opportunity to buy things cheap
- Cheap things are carrying huge operational risks and other companies are all through the roof.
- Apologize for the under-performance, however, it is expected for value investors – we never follow the crowds.
|FIC Core Portfolio ||S&P 500 Total Return |
|2019 Q2||-16.84%1|| 4.30%2 |
|2019 YTD||-14.95%1|| |
- FIC Core Portfolio is not a tax-exempt account however, the return posted here is before considering tax liability generated by any investment activities. Returns reported here are all time weighted returns, therefore are not reflecting effect of deposits and withdraws on total dollar profits
- S&P 500 Total Return is FIC Core Portfolio’s benchmark. The return can be found at: http://performance.morningstar.com/funds/etf/total-returns.action?t=spy
Note: Past performance is not an indicator for future performance. There is no guaranty that such performance will be achieved in future.
| FIC Core Portfolio||Cash and Cash Equivalent as % of Total NAV|
|As of 6/28/2019||17.37%|
|As of 3/31/2019||17.54%|
|As of 12/31/2018||12.34% |
|As of 9/28/2018||11.50%|
|As of 6/30/2018||0.27%|
|As of 3/31/2018||8.14%|
|As of 12/31/2017||1.28%|
|As of 9/30/2017||5.41%|
|As of 6/30/2017||3.59%|