Some of you may be wondering why the funds’ NAV has been up recently…

Well, taking advantage of risk-off, I shorted Equities and long Gold. While that may sound like an easy decision… Previously, during ’08 when the market crashed, it was due to greedy bankers, so when we succeeded in the markets, it felt good.

But now, when we succeed in the markets, it’s largely due to the COVID-19 virus… The feeling is different. When markets go in our way, it means that more people are dying…

Hmm…

– RT