It seems there is some truth in the old adage, "Sell in May and go away."
Honestly, I was a little surprised to see that our last published data was in May.
Since May we have not added positions and basically have been writing calls on existing positions and accumulating cash.
At this point we are bout 40% in cash and have yet to see anything to compel us to invest in any market.
Volatility as measured by the VIX is not inspiring. We believe that there are too many risks to count. Markets seem unable to find stability and is searching for a bottom that seems far, far away.
It is hard to be clever and witty when there are no rewards. Running investment models that do not return inspiring results is not fun.
The VIX did turn up today with a 14+% rise.
We can only hope that August will provide us with greater rewards than July.
