Episode
What I’m Doing With My Money Right Now (Mostly Nothing)
- Published
- Apr 23, 2026
- Duration seconds
- 320
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Summary
Happy St George’s Day to you. My apologies for the late arrival of this week’s missive but I found myself without electricity this morning due to, and I quote, “a fault with the electricity”Never mind. Here we are.Everything seems so headline driven and yet contradictory at the moment. With every change in circumstance, especially at the Strait of Hormuz, a different narrative seems to emerge only for it to peter away almost as quickly. You’ve got to be long oil and gas. Buy. There’s no point. The strait is open. Sell. With so much geopolitical tension you have to be long gold and silver. Debt, deficits, debasement, de-dollarisation, conflict, central bank buying. But gold and silver aren’t moving. They had their move last year. Equities make even less sense. You don’t want to be long equities. You need to reduce risk. World War Three is coming. And the S&P 500 has just broken out to record highs. So you end up with this strange situation where the stories are compelling, but the price action is inconsistent. Narrative is not confirming price. Price is not confirming narrative. That’s usually where mistakes get made. You feel like you should be doing something. You look for reasons to act. You react to headlines. You convince yourself you’ve spotted an opportunity. And then the move reverses, or fades or never quite follows through. These are the environments that chop people up. False breakouts. False breakdowns. Strong opinions built on weak signals. That’s why I am such a big advocate of the Dolce Far Niente portfolio. Sometimes doing nothing is the best policy. In fact, often. We had a position in oil and gas so we didn’t need to panic when the bombing of Iran began. We had a position in equities, so even though I was arguing this would be a typical second year…