22 September 2016: Never an exciting moment

No alarms and no surprises. The Fed is not raising interest rates.

fed-birdAs expected by many, the Fed did not raise interest rates yesterday. ‘Fed’ and ‘surprise’ is not a combination that one can encounter often. Never an exciting moment with the Fed… So, a wave of relief rolled through the markets. But it will not mean the end to feelings of unrest. Another two Fed meetings are due for this year, in November and December. Expect another three months of stock prices that move between a certain bandwidth, but with no real sense of direction eventually. And as a bonus: a chance of a new black swan, in the case Donald Trump is elected the new president of the United States of America. All cautiousness exercised by the Fed might turn out to be pointless on 8 November 2016.

white-chapel-logo-smallMarkets cheered the Fed’s decision not to take any further action in terms of raising interest rates. Major US indices added 0.9% or more. Volatility eased substantially. The VIX was down almost 17% and also our UVXY ETFs lost more than 15%. Return for the year is down to 220%. Return for the quarter is again negative for the second time this quarter and is now at -6%. White Chapel is not changing its mind and is sticking with the UVXY ETFs.

Accumulated capital at close of previous trading day

Return since start

Return this year

Return this quarter





Our initial capital was $10,000 at 1 January 2016. Our average Annual Return is 408%.

RS_v05-smallEvery year on 1 October, the United Nations International Day of Older Persons (UNIDOP) is celebrated. It started in 1991 after a Resolution (45/106) of the United Nations General Assembly in December of the previous year. The idea behind this special day is to recognize and appreciate the contributions of older persons to society and to examine the issues that affect their lives. This day can be compared to National Grandparents Day in the United States and Canada, the Respect for the Aged Day in Japan and Double Ninth Festival in China.
In The Netherlands, as always, things are just a little different – the so called ‘Dutch twist’. Not only the International Day of Older Persons is celebrated here, but also a national version of it. The Nationale Ouderendag (National Day of the Elderly) is held on the first Friday of October. Its concept is to mobilize the younger generation to volunteer in their local community by fulfilling all kinds of wishes of the elderly. From one-man’s initiative in 2009, the Nationale Ouderendag has grown exponentially since, and has become a popular national event.
René subscribed as a volunteer for 7 October. This morning he read the compiled wish list of old people in his city. Just to name a few. “A visit to the nearby Oudenbosch Basilica.” “Seeing the city’s newly built Central Station.” “A walk in the forest.” “Having a dinner in a restaurant.” “A bike ride.” “Visiting my husband’s grave.” “Someone to play chess with.” “Just a walk.”
Amazed at the modesty of these requests, some burning questions arose in his mind. Why is a civilized society like ours not equipped to meet even the most basic needs of the elderly? And given the fact that we apparently need a volunteer day to do so, why should that be an annual event?