13 February 2017: A new Greek tragedy?

The national debt of Greece was 130% of its gross domestic product in 2009. Eight years and three austerity packages later, it has risen to 180%. What went wrong? The International Monetary Fund (IMF) thinks that impossible measures have been imposed on Greece. In the next couple of weeks, new talks between Greece, on one side of the table, and the IMF and the Eurogroup, on the other, need to take place. The IMF will argue in favor of a substantial debt relief for Greece. For many members of the Eurogroup this will be a bridge too far, given the elections that are imminent in the Netherlands, Germany and France. It is more than likely that a new Greek tragedy will unfold before our eyes the coming months. We bet on Greek Prime Minister Tsipras to become the first casualty in this tragedy.

white-chapel-logo-smallInvestors remained in a good mood last Friday. All major indices added at least 0.33%. Volatility eased slightly: the VIX lost another 0.28% and is now at 10.85 points. Our XIV ETNs gained 1.38%. Our model’s return since the start at 1 January 2016 is now 176%.
White Chapel is far from a trading signal. We stick to our XIV ETNs.

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Our initial capital was $10,000 at 1 January 2016. Our average Annual Return is 149%.

ta_v05-small-invTim is a board member of an organization which organizes art classes for children. Together with three teachers, he went to Utrecht, a major city in the heart of the Netherlands, on a snowy day last weekend. In Utrecht they visited De Vrijstaat, a comparable organization, to exchange ideas and to get some inspiration. This winter’s block of classes at De Vrijstaat focuses on animation. A group of twelve children were, on one hand, busy drawing, cutting and pasting and, on the other hand, using cameras, laptops and tablets to capture the adventures created on paper.

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