Up 2% on the week as TLT and short financials went orbital and GBP weakened although the 2 midcaps which make up 10% of the portfolio both got murdered. Long reality (DTN) vs morality (SEF) was up slightly although US financials proved surprisingly resilient amongst the carnage. Consensus is for a bounce next week in the context of a newly established downtrend. Fear seemed to dissipate, at least in the US later in the week so this is possible, but given the lack of shorts in the market I think another plunge takes place at some point in May before this correction ha run its course.
Only change in the portfolio was a rather fortunate decision to finish clearing up residual long equities (about 3% of the portfolio) on Tuesday.
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