The 4th Pillar: October 2023

The 4th Pillar

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It has been quite the month in the markets.

There are so many different things going on that it can be quite disorienting as an investor. However, in this month's issue we focus on what I think is the dominant force driving everything else: the price of money itself.

I believe that we are currently in the middle of a huge transition in the way the world operates financially, geopolitically and technologically.

A shift of this magnitude will likely force us to rethink many of our assumptions about how the world should work based on our historical experience.

Over the last few months, we have seen the price of oil, the USD and interest rates all rising together, which is an unusual occurrence.

When volatility abounds, you need to make sure that you are well positioned to deal with it.

And that is what I believe a barbell approach of cash/short term fixed income combined with investments in the type of companies we typically feature achieves.

However, we can also sometimes take advantage of market gyrations.

The company we feature today is a special situation where circumstances are giving us the possibility for a very asymmetric outcome.

It all comes down to interest rates. As an investor, all you’re doing is putting up a lump-sum payment for a future cash flow. Ray Dalio It’s all about the rates It is easy to get caught up in the details when you are investing in the markets. And the details absolutely matter. However, there…

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