6 December 2016: Deeper and deeper

grondboorItalian voters made short shrift of the proposals by the Italian government to weaken the power of the senate and to reduce costs. Many Italians used the referendum to show their dissatisfaction with the policy of Renzi’s government of the past years. The Italian premier had not been able to generate economic growth and to create new jobs. The instability that will follow the departure of Matteo Renzi will not help those disgruntled voters in Italy. It is a pattern that is repeating itself: it is highly unclear (and probably unlikely) that the choice for a Brexit and the election of Donald Trump as US President will solve the problems of those who voted in favor. It feels like those countries concerned are burying themselves deeper and deeper into the ground and thereby losing sight of the solution which might be behind the horizon.

white-chapel-logo-smallAmerican investors kept cool heads yesterday. They were not impressed by the Italian vote against Matteo Renzi’s reform plans. All major US indices made substantial gains: Dow (+0.24%), S&P 500 (+0.58%) and NASDAQ (+1,01%). Volatility retreated quite strongly: the VIX lost almost 2 points (-14%) and our inverse XIV ETNs added almost 7%. Return for the year stands at more than 330% after yesterday’s session. Return for the quarter is above 40%.
White Chapel is judging the sentiment to be still largely positive and is not advising us to trade in our XIV ETNs.

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 388%.


It’s a global trend: empty churches as a result of plunging membership and the gradual decline of church attendance over the last decades. In order to keep ends meet, churches had to explore ways to commercialize their assets. The “Grote Kerk” (Big Church, see our blogpost of 11 August) in René’s hometown has been no exception to this trend. Nowadays, it attracts more visitors during photo exhibitions and organ concerts than back in the days when the final Sunday masses were held. Much to René’s surprise, he saw the longest lineup that he ever saw, in his city. Hundreds and hundreds of well dressed young women in their late teens and early twenties, all waiting in line to enter the church, at 10 AM on a Saturday morning. “Who’s in there?” he thought. “Justin Bieber?” A Google search gave him the answer. Churches all over the world: if you want to have your place crowded, invite a popular fashion brand for a sample sale!