11 January 2017: Farewell to Barack Obama

US President Barack Obama gave his farewell speech yesterday. It was a message of subdued hope. Obama and the many voters who elected him had great expectations eight years ago. But he was greatly hindered by the state of the US economy and the Republican majorities in the Senate and the House of Representatives in the realization of his ambitious plans. At the day of his inauguration in 2009, stock prices were at levels which we had not seen in seven years. The S&P 500 had a value of around 800 points and in the eight years that Obama was in office, its value almost tripled. (An investment in low-cost ETFs that closely follow the S&P 500 would have resulted in an average annual return of almost 14%.) We can be sure that it is impossible for the next US President to repeat such a performance of stock markets during the eight years of his Presidency (provided that the American voters award Donald Trump with a second term as their President).

white-chapel-logo-smallIt is not a unique occasion, but quite remarkable nevertheless: yesterday, the S&P closed at exactly the same level as the day before: 2,268.90 points. The Dow recorded a small loss (-0.16%) and the NASDAQ gained 0.36%. We sold our XIV ETNs for a relatively good price at the beginning of the session ($54.39) and, as a result, we were able to buy UVXY ETFs at a relatively low level ($6.33). Although UVXY made a minor loss for the day, closing at $6.38 (-1.5%), we managed to squeeze out a small gain of 0.8%. All in all, the value of our portfolio rose above $36,000. Our average Annual Return is now exactly 250%.
White Chapel did not give a signal at the end of yesterday’s trading session.

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 250%.

RS_v05-smallDuring most of the last century, the Dutch national postal and telecommunication company went by the name of ‘PTT‘. It was a public company, wholly-owned by the Dutch government. For every Dutch citizen, born before 1970, the name ‘PTT’ comes to mind first, when thinking of the national post.
The confusion started in the late 1980s. The ‘PTT’ was privatized and became ‘KPN’, which stands for ‘Koninklijke PTT Nederland’ (Royal PTT Netherlands).
In the early 1990s, the mail offices were privatised and the new company ‘KPN’ went public. In the mid 1990s, it acquired the Australian TNT. Five years later, KPN was split up into two separate parts: a telecommunications company (KPN) and a postal/logistics company (TNT Post Group, a.k.a. ‘TPG’).
The national postal service was called ‘PTT Post‘ until 2002, when they renamed the company ‘TPG Post‘. In 2006, ‘TPG Post‘ changed its name into ‘TNT Post‘ and nationwide, all red mailboxes were changed into the new orange ‘TNT’ mailboxes. (Many aged people couldn’t find the mailbox anymore, since they were used to the red mailbox for almost a hundred years…)
Guess what happened in 2011? Right. The national post service changed its name. ‘TNT Post‘ became ‘PostNL‘.
In a chat conversation with Tim this morning, the topic of the national post came up and René couldn’t think of the name of the Dutch national post. No wonder.