The Pragmatic Optimist

After breaking the 200-day moving average (DMA) on 03/19, the S&P 500 continued lower this past week, down 3.3% 📉. While we were initially expecting the index to find support in the 6550 range, the break below the close of 6506 two days ago confirmed that we were headed further lower, especially as the bond market volatility did not seem to ease. 🧵 In this thread, we will give you a quick update on the current state of the macroeconomic environment and how we are positioning our portfolio in the short, mid, and long term.  📌Note: Yesterday, we exited two of our existing positions in the TPO Portfolio, raising over 2% of cash, while investing a net 4.5% of our capital in four of our existing names and initiating a “Starter” position in a brand new company. Our cash position now stands at 20.7% of the total portfolio.