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6 August 2015
...31 July 2015 Monthly Report Now In.
We took it in the shorts in July mostly because of plunging commodity prices, chiefly oil and gold. "Focus" has a few more things to say on the topic. It points out that rising demand for oil will gradually put upward pressure on prices. It does not mention how producers of commodities eventually reduce output in response to falling prices. The overall theme, of course, is that any overdone trend such as this one sows the seeds of its own reversal. For investors, here patience plays a role.
Meanwhile, the market against which we grossly under-performed this month found most of its strength in a half-dozen or so large and popular high-tech companies. Just six stocks - Amazon.com, Google, Apple, Facebook, Gilead Sciences, and Walt Disney account for more than all of the $199 billion in market capitalization gains in the S&P 500 this year through 24 July. Over on the Nasdaq (+7.4% ytd), falling stocks outnumber rising stocks this year. Not to make excuses, but long time partners know that we often under-perform when the market narrows its interest to ever fewer large and well-known companies.

Thanks to: Dan Strumpf, "The Only Six Stocks That Matter," The Wall Street Journal, July 27, 2015.
Short Term - Long Term / How We Stack Up

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