Staring at the (deflationary) abyss

Investor Update - March 30th, 2020

Yesterday we sold (most of) our gold.  

Something about the movement in inflation linked bonds reminded us of 2008.  When people start pricing in deflation, and all of a sudden investors had to break out the pencils to see which of their TIPs lost money when prices fell.

This was a bit of a widowmaker trade for me at Lehman personally.  

I began to accumul…