Today will be the last letter of the week. I will be celebrating the festival of Tabernacles.
S2N Spotlight
In this exercise, I break down some major asset classes into calendar year strips. I then create an average of all the strips with a black dotted line. Finally, I plot the current year to date in red. The key takeaway is that the S&P500 and Gold are enjoying way above average years, with year-to-date returns close to the best ever. Gold is on track to make it the best ever year on record.
S2N Observations
An observant free day if such a thing exists. I don’t believe it does but you know what I mean.
Performance Review
For those who are new to the letter, the shading is Z-Score adjusted so that only moves bigger than usual for the symbol are highlighted.