19 December 2016: Angry white men

angry-white-manThere is a lot of talk going on about the ‘angry white men’. It is this particular breed that is held responsible for the Brexit, the election of Donald Trump and Italy’s No to Matteo Renzi. But if we have a better look, we notice that this group does not consist of only men, that their ‘color’ is not solely white and their main emotion is not anger, but fear. There are large groups of citizens who not only feel, but are actually victims of globalization, of a world economy which benefits only a very small group of (extremely) rich. The answer to their problems cannot be found in protectionism, but is a matter of income distribution. It is not an issue that can be fixed at the level of nation states, but should be addressed at a global level. Ordinary citizens are being crushed by the wheels of multinational companies and policies.

white-chapel-logo-smallStocks started off Friday on a strong foot, only to slip over the course of the day. The major US indices ultimately finished in the red to varying degrees: Dow (-0.1%), S&P 500 (-0.25%) and NASDAQ (-0.44%). Volatility did not rise however: the VIX lost 4.6% and our UVXY ETFs closed 2.5% lower. Return for the year for our model dropped to 308%.
White Chapel did not give a signal at the end of Friday’s trading session. We hold on to our UVXY ETFs.

Accumulated capital at close of previous trading day

Return since start

Return this year

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Our initial capital was $10,000 at 1 January 2016. Our average Annual Return is 339%.

ta_v05-small-invTim went to a classical concert last week at his hometown’s concert hall. The program included Wagner’s Siegfried Idylle, Symphony No. 8 by Antonín Dvořák and a trumpet concert by the Armenian composer Alexander Arutiunian. Brabant Sinfonia gave a beautiful interpretation of these classical works.
The venue of the location, the Concertzaal of Theaters Tilburg, is 20 years old this year. This concert hall is not only famous for its acoustics, but also for its light art and design. A visit to this location is not just an auditive treat, it can also be considered a visual adventure.