White Metal Stops!
The 🐿️'s 'Start the Week' note. Our regular review of the BUSHY™ Multi Asset ETF Portfolio and live Acorn trade ideas. 2026, Week 4.
In case you missed it, the weekend note which hit inboxes on Sunday morning covered an interesting opportunity in the agriculture / food space. It involves a name from the 🐿️’s past that created an element of PTSD by proxy!
To a certain extent, after such a strong start to the year, BUSHY™ was overdue for a pull back. The 🐿️’s beta portfolio gave back 52bps on the week.
The damage largely came from precious metals exposure, the CTA allocation (they were long metals too!) and a left field mugging by the MSCI in Jakarta (more on that later).
Notwithstanding, the portfolio continues to hold up well against the Vanguard ‘Target Date’ benchmark and the suite of Multi / Real Asset ETFs that I track.
My inbox is stuffed full of hot takes on Friday’s sell off in precious metals and the Warsh appointment to the Fed. I do not have a strong view on the latter at present. Suffice to say, some of the breathless narrative about the new Chair’s plans reminds a bit of the Wall Street cheerleading around Bessent’s “3-3-3” economic plan.
“Everybody has plans until they get hit for the first time” Mike Tyson - August 1987