May 2025 Report

It’s still really hard to have the conviction to initiate long term positions in this market with the tariff overhang. I’m just maintaining my current cash position at ~ 10% and just waiting for opportunities to present itself. Visa and Mastercard are both doing well in this environment, which makes sense as they are relatively immune to inflation. If stuff cost more, they simply will get a bigger cut of the transaction. Early in the crypto days, there were talk that blockchain was going to displace credit card transactions, which has not happened. I have considered trimming Visa and Mastercard as everyone is targeting their “anticompetitive” pricing, but I’ll probably hang on to a full position based on a bank friendly administration. These days, policy decisions can change very quickly so need to consider all of the risks.
 
 
2025 Performance = - 5.59% with the running monthly returns as follows:

January - 2.61%
February + 2.79%
March – 4.16%
April -1.67%
May +0.07%