March Results

March was a quiet month with only one sale and one buy.  In my saner moments I like quiet months when things just plod along.  Hope it lasts.

Fiat Fantasy was up .75% for the month.  Precious metals and hard assets led the charge, bonds were a bit of a drag.  Other asset classes were basically flat.  In a minor way some asset classes are out of their permitted ranges.  We're too heavy in precious metals and US bonds, too light in US equities.  We're also overweight cash.  Because the asset allocation model is itself a work in progress, I'm not going to trade to rebalance right now.  Let's see how we fare at the end of QE II in June.

The S&P 500 was down .1% for the month.  Bear in mind this is just the price index with no dividends.  Bloomberg gives you data for the S&P 500 Total Return Index (includes dividends) and it gives a March return of .04%.  Yippee, fiat fantasy pulls another rabbit out of the hat.