27 January 2017: 10,000

March 1999: the Dow reached 10,000. Now, almost 18 years later, the Dow doubled its value. The feelings of investors were somewhat different in 1999. It were the days of unrestrained euphoria and the so-called ‘camping boom’. While on vacation, ordinary people opened accounts at stock brokers and bought internet shares. It was as if money grew on trees. The inexperienced investors could enjoy their newly discovered securities for just over a year and then hell broke loose. To most people, this was a once-in-a-lifetime experience. They turned their back on stock markets for good. A huge celebration turned into an even bigger hangover. Will the same thing happen to people who jumped on the Trump bandwagon that lifted stock prices considerably the last few months? Very likely, but it is not clear when it will happen. Probably some moment  in 2017, maybe 2018. A year from now, just like in 1999, could be an educated guess.

white-chapel-logo-smallUS indices were mixed: the Dow closed at another all-time high (+0.16%), but the NASDAQ and S&P 500 recorded small losses (not more than -0.07%, however). Volatility dropped somewhat lower to 10.63. Our UVXY ETFs added 1.3%. Return since the start stands at 178%. Return for the year is at -31%.
White Chapel is still convinced that volatility will rise and advises us to stick with our 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 159%.


René’s Reflections @ Friday: Everything was possible

Last weekend, I watched the documentary Een fotograaf filmt Amsterdam (A photographer films Amsterdam) by the late Dutch photographer and filmmaker Ed van der Elsken (1925-1990). Though I watched it for the nth time over the last 15 years or so, every single shot of this one-hour documentary keeps intriguing me, time and again. Amsterdam on a sunny summer’s day in 1981. In the city’s streets, people moved lightly, almost as if they were dancing. The city vibrated with life and there was a sense of true joy, a freedom of spirit, which was so strong, you could almost touch it. There was something very unique to the city’s choreography that seems to have gradually dissolved in the years that followed. Something playful, unconcerned, carefree, laid-back, simply happy. Ed van der Elsken managed to catch it on film. To me, as well as to many others who wandered the streets of Amsterdam in 1981, it brings back to life the look & feel of that era, like a time capsule. Somewhere along the documentary, Ed unknowingly summarizes the Zeitgeist in just three words: “Alles kan, hè?” (Everything is possible, isn’t it?)
I feel very priviliged to have witnessed a time, in which “everything was possible” – or at least we all believed it was, for that short moment in time.
And how would we qualify our current Zeitgeist, 36 years from now?

Still from “Een fotograaf filmt Amsterdam”
Click here to watch this documentary on YouTube (with English subtitles)