Today we are launching two new ETFs, The De-SPAC ETF (DSPC) and The Short De-SPAC ETF (SOGU).  Below are some links to information about the funds:

Fund Website

Prospectus

Bloomberg Article About the Funds (Link is for Financial Advisor Magazine as this is not behind a pay wall)

Press Release

Meanwhile, the market sold off into the close yesterday and so far this morning the selling has continued. Bitcoin is also selling off again and bonds are once again adding no cover. Interestingly, the “Woodstocks” rallied yesterday in spite of market weakness. At this point it looks like they were just oversold and due for a bounce; without broader strength in the market it is hard to believe that these stocks have bottomed. VIX is back above $20 but it is not spiking like it did last week. 

“Bitcoin Tumbles Below $40,000 After China Issues Crypto Warning”

(Barron’s 5/19/21)

I still haven’t decided what I think about crypto as an asset class, but stuff like this is what keeps me from being a bull. Is crypto a risk to central bank’s power, and can they stop it if they want? 

“The VIX is flashing signs of more market downside, Jim Cramer says”

KEY POINTS

“The VIX, known as the fear gauge, is showing signs of market turbulence over the coming weeks, CNBC’s Jim Cramer said.”

“’A flat market with a rising VIX is exactly what you see at the beginning of what’s known as a volatility swell,’ Cramer said.”

“’The charts, as interpreted by Mark Sebastian, suggest that the next month-and-a-half could be a pretty rough time for the stock market,’ Cramer said.”

(CNBC.com 5/18/21)

Not sure I agree that VIX is flashing warning signals, but market action is telling you that the near term is likely to be rough. By rough, I am not predicting the market is going to go down, but it looks like the “Woodstocks” haven’t bottomed yet and rallies are not extending. As long as the dip buyers are still there, it is hard to see a correction unless something happens around inflation, rates, or Covid.

“13 Stocks Warren Buffett Is Selling (And 5 He’s Buying)”

(Kiplinger 5/17/21)

Around 13F time you always hear a lot of buzz about what Warren Buffett is going. Just for fun I used Whale Wisdom (Whalewisdom.com) to backtest a strategy of buying Warren’s top 10 stocks and equal weighting them. The results:

Current Holdings: AAPL, BAC, AXP, KO, KHC, VZ, MCO, USB, DVA, GM

Buffett’s top 10 would have beaten the market year to date and over the last 12 months as value stocks have come back with a vengeance. Longer term though, this strategy would have lagged the market substantially. I am not saying that Buffett is not a smart investor (he is), but he has been caught in the same trap that all value investors have over the past 10 years. He is a billionaire and what he is doing is interesting, but don’t assume just because Buffett is buying it that you should too.  


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