Added 2% positions today in the following:
AUD
CAD
Gold
Still modestly long equities approx. net 5%, gross 25%
Longs in:
Asian ETFs - 5%
Pharma - 5%
Telecom - 2.5%
Agriculture - 2.5%
Oil, Gas, Industrials - 5%
Tech - 5%
Forward PE's on the individual longs are approximately 11x.
ETF PE's are a bit higher, however, this trade is more about currency devaluation rather than valuation per se.
To the extent there is a correction, will be adding to the long equity side and possibly the FX side.
Missed the EUR correction, but would expect a rebound off the 100 day average of 1.3238....
