Portfolio update

Performance update

It took me a few months of hunkering down to grind out my performance to beat the market again:

What an ugly and inexcusable drawdown from Mar-May, but the worst is behind us. Am I still long? Yes. Why? See below:

Market update

Valuations are rich, but not uninvestible. SPX is 1sd above its 5Y historical fwd P/E range.

NDX is even more reasonable - just below its 1sd.

YTD EPS has been wobbly for both SPX (white) and NDX (blue), but recently shrugging off any liberation day woes.

All that is to say, stay invested.

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