Dollar remains king - for now

Update for paid subscribers

Broadly speaking, I have two portfolios. There’s the boring one. My SIPP and ISA, which is made up of sensible investment trusts and the like, which you can buy and largely forget about - Ruffer, Capital Gearing, Law Debenture - that kind of thing. I count my physical gold holdings in that buy-and-forget portfolio. You may think me mad, but I count my bitcoin in there too. It’s a long-term buy-and-forget for me.

Then I have a racier, more speculative portfolio. The idea of this Substack is to let you know about interesting things I am investing in this portfolio - smallcaps, resource stocks and even sh*tcoins.

But it’s very much a risk-on portfolio, and we are in a risk-off market. At present capital preservation is everything. Inflation may be 10%, but if equities are down 20%, I’ll take the cash.

As previously mentioned a fortnight ago, I have been selling down some positions, lightening up on oil especially, believing it the next domino to fall. There is going to come a time - a bit like March 2020 or November 2008 - when suddenly everyone starts buying again, markets rocket and there are five- and ten-baggers galore. I want to be ready for that.

I haven’t sold any of the companies I’ve covered, don’t worry. But, with the ongoing carnage in the broader markets, I thought I should update you on them and my thoughts. This could be the time to swoop.

I’ll cover the gold stocks today - and come to the tin stocks next week.