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November 18, 2019
Market. The bigger story is why Saudis are selling their oil now. Share buybacks are what is boosting earnings for S&P companies. This is not a time to get bullish on the stock market. One way or the other 50-100 years from now the vast majority of the world will be on alternatives to carbon. The Saudis are converting a 10-30 year life-span asset and converting it to cash. This is the biggest insider sale in history. BRK-N has massive cash on the sidelines right now compared to past years.
General Market Comment
November 18, 2019
Market. The bigger story is why Saudis are selling their oil now. Share buybacks are what is boosting earnings for S&P companies. This is not a time to get bullish on the stock market. One way or the other 50-100 years from now the vast majority of the world will be on alternatives to carbon. The Saudis are converting a 10-30 year life-span asset and converting it to cash. This is the biggest insider sale in history. BRK-N has massive cash on the sidelines right now compared to past years.
Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc.
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November 18, 2019
The Inevitable Debt Meltdown. You can look at debt levels as a percent of GDP. There cannot be a forgiveness of debt. The debt is owned by pension plans. He thinks countries will monetize the debt by printing money and inflating the currencies. He does not see a way out. It is an argument for 5-10 years for interest rates to stay low.
General Market Comment
November 18, 2019
The Inevitable Debt Meltdown. You can look at debt levels as a percent of GDP. There cannot be a forgiveness of debt. The debt is owned by pension plans. He thinks countries will monetize the debt by printing money and inflating the currencies. He does not see a way out. It is an argument for 5-10 years for interest rates to stay low.
Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc.
COMMENT
COMMENT
November 18, 2019
Where is money coming out of equities going to go – bonds? He prefers to play it through TLT-N. ZTL-T plays it in CAD$.
General Market Comment
November 18, 2019
Where is money coming out of equities going to go – bonds? He prefers to play it through TLT-N. ZTL-T plays it in CAD$.
Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc.
N/A
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November 18, 2019

Educational Segment. Gold and Gold Investing. It is a fantastic asset class. The biggest problem is that it yields nothing. Going back 10 years, GLD-X vs. VT-N: Gold is uncorrelated to equities. We are right now at a time when volatility in gold is relatively low. Option strategies will be cheap. There are short term risks on Gold. If GLD-N pulls back to support, he will have sold two puts and bought one call. We want to be buying pull backs.

General Market Comment
November 18, 2019

Educational Segment. Gold and Gold Investing. It is a fantastic asset class. The biggest problem is that it yields nothing. Going back 10 years, GLD-X vs. VT-N: Gold is uncorrelated to equities. We are right now at a time when volatility in gold is relatively low. Option strategies will be cheap. There are short term risks on Gold. If GLD-N pulls back to support, he will have sold two puts and bought one call. We want to be buying pull backs.

Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc.