The ETF has created an investment vehicle for price insensitive investors. A price insensitive buyer cares little about price, so when they enter a market they tend to push prices higher. One of those price insensitive buyers is the Swiss National Bank (SNB). The SNB is responsible for monetary policy, and most importantly: issuing Swiss franc banknotes. While you will never see it stated in their mission statement, the SNB’s prime objective seems to be to keep their currency

Ah, one of my favorite movies of all time. For anyone unfamiliar with the movie “Happy Gilmore”; Mr. Gilmore is a new member of the professional golf tour, and is partnered with Bob Barker in a pro-am golf tournament. Barker was making a cameo appearance as himself, at that time the host of the gameshow, “The Price is Right”. Gilmore is playing awful golf, and emotions get chippy between the two. Eventually a fight breaks out, and Gilmore head butts Barker knocking him out. W

The market is overvalued on a fundamental basis, and it continues to be a challenge to screen securities that are of reasonable value. Macro headwinds continue to persist, while mainstream financial networks fail to acknowledge any negative developments. Last commentary I highlighted how the S&P 500 was struggling to break above the 2200 level, and that there was buying exhaustion at this level. That was true until the election of Donald J. Trump. Since then, the S&P 500 has