SUMMARY. We continue to weigh the net benefit to short term growth on massive fiscal spending and covid-19 waning against what we deem high speculation on relatively high expectations for growth. Our concerns remain focused on the temporary nature of fiscal fiscal spending in creating the elusion of growth while creating long-term drags on economic growth through higher interest rates and inflation (not to mention the necessity of higher taxation and with it higher regulation).
INVESTMENT IMPACT. This week we deployed some cash into existing names as well as taking a minor position in health care & adding to our utility holdings as a defensive measure. We reduced our exposure to consumer retail through the elimination of a broadline retailer stock choosing to partially redeploy those assets into another retailer we have in our models. Net net we continue to hold relatively high cash levels and maintain more of a defensive posture at this point.
Our model portfolio performance has been updated on our website as of 12/31/20.
For more insights see our website and disclosures found there at BCA. The thoughts contained in this newsletters are intended lend insights into BCAs current & future thinking on changes to BCA model portfolios. They are not intended to be recommendations and should not be taken as such. As always contact us for further explanation of how these events can affect your finances. To unsubscribe from our newsletters & website please email us with "unsubscribe" in the subject.
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