The presses are rolling, money creation is in full swing, and all that lovely paper is chasing hard goods six ways to Sunday. In short, our primary thesis here at Tano, is being rung from every bell, and shouted from every rooftop. “The dollar is sinking, the dollar is sinking......”
Those of you who actually read our email updates may remember we penned a fairly bullish piece back in February. We reference our (in hindsight) fortunate call to go long--not to thump our chest proudly, for telling fortunes and forecasting markets is a slippery business at best—but to inform you that we have of late begun to develop yet another conviction that leans very much in the opposite direction.
As 2008 wound to a close, we heaved a collective sigh of relief here at Tano Capital. While we are not certain at all about what 2009 will bring, the one certainty we do believe is that it cannot be any worse than 2008. Sadly, we feel victorious over sweating out a positive 15.59% gross and 6.21% net return on the Tano Global Hard Assets fund for the year ending December 31, 2008.
Mark Twain apparently once said something like, “History doesn’t always repeat itself, but sometimes it does rhyme”. Global stock markets have had another absolutely horrendous month, adding significant more downside to their prior “waterfall” decline as the technicians so aptly are wont to frame it. We have been thinking much of markets and recent global developments, and in the process surveying the opinions of those more capable than us at discerning future potentialities from the entrails of past movements. At first glance, it certainly would be hard to argue that we are in the throes of another market crash the likes of which we have not seen since 1929.
Nov 10, 2010