Strait Talk

Winners & Losers

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Break From the Usual

This week I am skipping the usual blitz of data and charts and news and focusing on the only thing that really matters for markets at least for today - the closure of the Strait of Hormuz and the downstream impacts that has on Passport investing (ex US Country ETFs). First and foremost in all my other portfolios I went to a bunch of cash and hedges and I would have done the same here if I did not treat the Passport as long only and always fully invested in 10 Country ETFs. But since I did - the only thing to do was avoid the folks in the region and the giant energy importers and try to focus on those with a little more independence and self sufficiency.

I spent a lot of energy this week on a new Emerald on this whole thing to make sure I got it out of my head and to clients. Many of you that subscribe just to PMR Passport miss some of my broader work which this past week was rather important.

This captures a bit of an overview of the piece but for our purposes here at Passport it is all about avoiding some big losers. Thankfully we did that this week and we own Norway which is the only non Israel ETF that was green over the last 5 days (barely). We were fortunate to have Malaysia and Canada and Finland who did decently as well.