Pod: The 🐿️'s BUSHY™ Portfolio

The Monday Note:

Introducing the 🐿️'s BUSHY™ Portfolio

The Visuals and Links:

Oh, and did I not mention valuation!

Chart from BCA’s Marko Papic

10-Year Note Futures. Large spec positioning shown in blue on the center panel.

December 2025 3-month SOFR futures (SR3Z5). The 🐿️ now owns a few of these.

YOLO™ is still a cool +100% since the election. Nothing to see here!

Some excellent links:

• Kevin Muir, already an avowed ‘Canadian ‘Mag7’ Grizzly’ makes some terrific ‘Inside Baseball’ comments about the compilation methodology at the Russell indices.

• He almost certainly now thinks that the 🐿️ is a stalker, but AQR’s Cliff Asness’ memo describing an Asset Allocators imaginary 2035 Post-Mortem / Mea Culpa is an utter gem. Team Saddlebags should be sweating too!

• The 🐿️ may also need to go and see the chiropractor after nodding so vigorously while reading Erik’s piece on ‘The South Africanization of the US’. He sure took some heat in the comments section but puts together a compelling thesis.

• I may not agree with Russell Napier on matters China-related but his call to own global equities ex-the S&P 500 is poetically articulated and tough to counter.

IEFA/IWB in blue, EEM/IWB in red. Monthly chart. If you zoom in, you can clearly see periodic attempts at international optimism over the year end to Q1 time periods. There is some ‘Groundhog Day’ risk here.

The ERP (Equity Risk Premium) at rock bottom. Thanks to Robeco for the chart.

Comparative total return: BUSHY™ Portfolio versus Vanguard’s Target Retirement 2035 Fund since January 2020.

While few retirement portfolios were spared hair-raising drops in March 2020, the (modelled) drawdown profile of BUSHY™-Legacy portfolio stacks up favorably versus the ‘Big Retirement’ option.

Music from Max Slorach. Find him at:

email: maxonsaxentertainment@gmail.com / web: maxonsax.com.au

Thanks for listening!

Squirrel Out!

If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor.