According to the wisdom of the Tao philosophy, the more you think you know something, the more likely it is that you don’t. The more certain you are of a course of action, the more likely it is not what you think. We are coming up on the verge of potentially major changes in our political environment. These will also affect business conditions, predictability and rules of the game.

The upcoming United States presidential election is a watershed moment. We would like to think we know the outcome and where business policy and rules are taking us. But we know we probably don’t. (recent Brexit and Columbian actions lay evidence to this possibility.)

For this reason, Riverplace Capital has been lightening up in most portfolios waiting to see the outcome rather that to predict it. We will then make adjustments that conform to future opportunities.

Stay steady, my friends.

the Lonely Bull