Flash Update – March 9, 2020

Published on
March 9th, 2020
Duration
11 minutes

Flash Update – March 9, 2020

Insider Talks ·
Featuring Raoul Pal

Published on: March 9th, 2020 • Duration: 11 minutes

Raoul has a flash update on markets, this time in video format. The last few days have displayed some of the most extraordinary market movements of our lifetimes. Raoul discusses what is happening in multiple sectors, including oil, bonds, gold, and crypto, and what positions investors should take as the doom loop unfolds at an exponential rate. Filmed on March 9, 2020 in Grand Cayman.

Comments

  • BS
    Bevyn S.
    11 March 2020 @ 16:53
    I capitulated and bought some HYG puts even though I expected a bounce. Anyone else wondering who the hell is selling/writing these??
    • BS
      Bevyn S.
      11 March 2020 @ 18:30
      And Raoul do you have a price target for HYG?
    • AS
      Arpat S.
      11 March 2020 @ 18:52
      Raoul's initial trade idea was puts with 75$ strike price expiry June.
    • BS
      Bevyn S.
      11 March 2020 @ 20:29
      Right but that's just the strike price... Wonder where he thinks it may end up.
  • AP
    Alex P.
    10 March 2020 @ 20:25
    This is a great update Paul, also spent time reading all the comments below. Can anyone suggest a way to buy US10Y, I am based in London. Many thanks
    • CD
      Chris D.
      11 March 2020 @ 00:45
      Just buy $TLT, it's more duration than 10Y but it's under 20. And it's super liquid.
    • AP
      Alex P.
      11 March 2020 @ 09:13
      Thank you Christopher will dig into it
  • JW
    Jim W.
    11 March 2020 @ 06:07
    Gents, first of all, thanks. Raoul, your explanation of "why bonds not equity puts" made more sense to me than anything else I've ever read, and with a few months study I was comfortable enough to enter futures positions. I went in slowly though, and have started to exit slowly. Based on your comments on "keep the fixed income if you've got it" and "rates are going to zero" I'm curious about how you would/will exit your remaining EZD positions, or if you're likely to re-establish anything more than a "scalping" or "trading" position.
  • TW
    Timothy W.
    11 March 2020 @ 06:05
    These video updates to get your thinking in real-time are excellent. Great addition for the “Give a man a fish he eats for a day; teach a man to fish he eats for a lifetime” ideology of Real Vision.
  • BK
    Bruce K.
    9 March 2020 @ 15:56
    Fantastic real-time update from RealVision, thank you Raoul! [happy I clicked on the RVTV website this morning ... I did not get an email alert on this Flash Update]
    • JL
      Jack L.
      9 March 2020 @ 17:33
      Yes, I was going to email Milton but now that I've seen someone else mention it -- I haven't been getting any email notifications about RV Pro / Macro Insiders postings. Please advise -- it would be very helpful to get an active notificiation any time new RV Pro content is published. Thanks.
    • JL
      Jack L.
      11 March 2020 @ 05:38
      Update -- I figured it out. I had set my RV subscriber account email preferences to "Unsubscribe from All Emails."
  • MJ
    Matthew J.
    11 March 2020 @ 04:34
    Raoul, Just curious as to the time scale of the HYG puts and the implications of the Gov looking to pursue federal aid for shale companies. Are they likely to artificially keep the HYG above our strike beyond Jun? Cheers
  • SH
    Simon H.
    10 March 2020 @ 06:38
    Can anyone recommend a way to short the Real using options?
    • CD
      Chris D.
      11 March 2020 @ 00:55
      The IV on that is gonna be insane, it's probs better to just short the spot with leverage. But of course risk manage properly
    • JF
      John F.
      11 March 2020 @ 04:13
      I'm having a heck of a time trying to find any forex usd.brl currency pair. Is there a spot forex market for this currency pair?
  • CP
    CRAIG P.
    11 March 2020 @ 03:56
    Raoul, I'd like you to clarify whether you mean gold the metal and/or gold minors. If you are referring to just one of the two, would you offer an opinion on the other?
  • DM
    David M.
    11 March 2020 @ 02:40
    @Raoul What do you think about shorting the R2000 instead of the S&P? The performance of the Russell has been inferior, and seems to show more downside than the other indexes as it is more US focused stocks, and as cases in the US spike I feel like this could be even more vulnerable. What's your guys thoughts?
  • SD
    S D.
    11 March 2020 @ 01:57
    Thanks, Raoul! That was really great. Please keep giving these flash updates they're terrific.
  • CD
    Chris D.
    11 March 2020 @ 01:15
    These flash updates on video are FANTASTIC - exactly what i'm looking for, and judging by other comments what many are looking for. If a transcript came out after the video then those who want the transcript for filing can get it too - seems like a win win!
  • VR
    Vince R.
    10 March 2020 @ 18:24
    Raoul - thank you for what you, Julian and the team are doing, and have done for us little guys our here. I did well also with your bond and euro dollar recommendations and closed those positions also when recommended. Hoping you will let us know, alert/update, there is enough of a pull back to re-enter, such as TLT, /ZB, /ZN, /GE, etc. Again, thank you, one of my small account has nearly doubled since mid-January following your recommendations. Let us know about bonds, please!!!
    • CD
      Chris D.
      11 March 2020 @ 00:54
      Be careful on $GE now it's at these levels as it has embedded Libor risk in it, it's NOT a pure play rate play ($ZQ = this, but it's illiquid). The reason GE Futs (e.g. EDZ2020) didn't hit 99.9 like ZQ did was Libor risk. This 'cost' GE about 40bps, and if you had calls this is important, as that 40bps would have put the calls from $0.5-0.6 to $0.9+. But there is Libor risk, especially with banks looking shaky. This is linked to Repo of course, so you are starting to literally gamble with many 'known unknowns'. And most of us did the $GE trade for the rate play, not Libor play (I certainly did it for rates, and I'm out now totally). The FRA/OIS spread is the spread you need, but it's based upon 3m Libor, which is not helpful for GE Futs that are longer dated, e.g. Dec 2020. So the way to approx it is to simply look at the delta between the EDZ2020 chart and the ZQX2020 - November, NOT December, as Fed meeting is 16th Dec, and ED Dec expired 14th Dec... And ZQ is calculated differently to ED, ZQ is the average Effective FRR for each month, whilst ED is 3m Libor on expiry. This is why people like Alex Gurevich don't recommend the $GE trade, and instead to go for more pure rate trades instead. Now FRA/OIS could of course also decrease, meaning $GE goes up too... Just ask yourself if you want that risk tho when the trade is really about rates (for i'm guessing 99% of people reading this)
  • JM
    Jake M.
    10 March 2020 @ 05:18
    Raoul, Trump said he's going to provide big economic reliefs like payroll tax cut. Still awaiting detail, but what's your take of this on the outlook of risky asset like equities?
    • JM
      Jake M.
      10 March 2020 @ 11:42
      do you guys think the fiscal stimulus signals a reversal in trend such that we should start cautiously piling on equity?
    • RP
      Raoul P. | Founder
      10 March 2020 @ 22:53
      I think its not going to help at all...
  • AS
    Armando S.
    9 March 2020 @ 17:08
    Ideas Raoul mentioned Keep it simple: short s&p & hyg (even after today's big drop) Less simple: short brazilian real, mexican peso, and/or korean won vs USD Hold bonds if still have them, because cut to 0 likely Not time to buy safe assets, but short risky assets is better risk/reward Not yet time to buy more bitcoin
    • AA
      Alberto A.
      9 March 2020 @ 17:25
      and more risky you can short the banks...US and Europe..US can be KBE...do you know any ETF for Europe?
    • SA
      Saad A.
      9 March 2020 @ 19:25
      This is quite good and informative.
    • SA
      Saad A.
      9 March 2020 @ 19:26
      My reply suppose to be for the above summary.
    • CD
      Christopher D.
      9 March 2020 @ 22:06
      to Alberto A. Europe Fin ETF, google shows EUFN.
    • SA
      Saad A.
      10 March 2020 @ 15:28
      Thank you CD!
  • MK
    MILTOS K.
    9 March 2020 @ 18:21
    Hello Raoul , great calls and insight. It may sound amateurish as a comment but i want to say it as i was placed on various plays , eg. the eurodollars bet and i got carried out and sold earlier. Is it possible to have some video on when to take profits on those type of macro-plays? Thanks
    • MJ
      Matthew J.
      10 March 2020 @ 14:51
      I'd also love to get some info here. Maybe future updates could give a little guidance towards the time scales involved etc as you see fit.
  • CD
    Christopher D.
    9 March 2020 @ 21:17
    How about puts on EMB ? It consolidates the short views on emerging currencies & oil producers (as of Mar 6th top holdings: (Qatar, Brazil, Russia, KSA, Mexico oil, etc). Plus all countries being stretched at the same time make it so much more difficult to arrange for imf rescue plans, assuming they'd be in as high demand as when the world was more united behind washington. Plus the underlying bonds won't be liquid... if there's a panic ETF selling, the price to NAV will go deep discount mode.
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:16
      I like it.
    • SA
      Saad A.
      10 March 2020 @ 06:41
      Which ETF to short you have in mind?
    • CG
      Colin G.
      10 March 2020 @ 09:29
      With you on that one. 4x in a few days. Implied vol was bewilderingly low. Thesis seems very sound. Much appreciate how RV and especially MI gives us frameworks, not just trades. ED calls have been a winner, even if exited a little early along with Raoul. Now have HYG and XLF puts - going well. And self-directed EMB puts may turn out to be not so much the icing but the cake. Thanks Raoul and Julian for sharing your wisdom and to RV for bringing us great minds like Mike Green, John Burbank and Alex Gurevich, among many others. Helps us learn how to think for ourselves. Not sure how we’d navigate these extraordinary and challenging times without your analytical and practical pilotage. 🙏🏼
    • JW
      JW2 W.
      10 March 2020 @ 13:10
      Interesting thesis - what would your timeframe and strike price be ?
    • JF
      John F.
      10 March 2020 @ 13:31
      Bid/ask spreads on EMB June puts are extremely wide, not sure if that is a viable trade. Am I missing something because otherwise I’d like the trade?
    • MJ
      Matthew J.
      10 March 2020 @ 14:49
      That sounds very interesting, I have little experience pricing and timing this. I guess Jun or Sept with Raoul's time scale for HYG, though this being outside US could be a factor. Anyone have ideas of how to price it?
  • JI
    Janne I.
    9 March 2020 @ 17:48
    Ethereum?
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:18
      Like over the longer run...
    • MJ
      Matthew J.
      10 March 2020 @ 14:13
      My guess is ETH has a huge part to play for the digital revolution of finance along with BTC. If you are keen on ETH and haven't yet, take a little time to look into Decentralised Finance (DeFi) movement. Along with that the Enterprise Ethereum Alliance (EEA). Both of these point to adoption which is key.
  • JQ
    JACK Q.
    9 March 2020 @ 14:56
    What’s going to take to get the curve to steepen? The long end outperformance is mesmerising!
    • ZW
      ZH W.
      9 March 2020 @ 15:22
      Thanks for asking this burning question for me. I'm light on outright fixed incomes but more concentrated on steepeners now.
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:18
      I actually dont know! negative rates?
    • ZW
      ZH W.
      10 March 2020 @ 05:09
      I think aggressive rate cuts + big fiscal stimulus packages = steepening of the curve. I agree with the view that monetary policies are not going to be enough to fight the virus. Fiscal should elevate long-end yields. But again, Raoul said 10Y is going to zero, too. If that's the case then we do need front-end to be negative. :-(
    • JQ
      JACK Q.
      10 March 2020 @ 12:17
      we're in similar situation, light on outright heavy on steepener =] all the best bud!!
  • MD
    Mike D.
    9 March 2020 @ 16:06
    Hi Raoul. In my business, it's common wisdom that over-communication is key in times of crisis. Thank you for handling this so well. Would you please cover counterparty risk (or lack thereof) for the long puts we've bought in a future update? That's the one thing I don't have a good view on yet. Thank you again.
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:14
      Will do
    • JL
      Jack L.
      10 March 2020 @ 04:18
      +1 on this request to hear your comments on counterparty risk when buying options, long puts in particular. Also liquidity risks to the underlying ETFs (in the case of ETFs) if applicable. Thanks for your ongoing work Raoul.
  • JK
    James K.
    9 March 2020 @ 15:08
    Global cases: More than 111,300, according to data compiled by Johns Hopkins University. Global deaths: At least 3,892, according to data compiled by Johns Hopkins University. That’s it ....Those numbers just aren’t bad considering a China is leveling off. What am I missing here ?
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:17
      You are missing the future. We cant trade todays numbers you have to trade the numbers in 4 weeks. Its going to all come down to the US.
    • CH
      Charlie H.
      9 March 2020 @ 18:37
      Like Wayne Gretzky says, skate to where the puck is going to be not where it currently is.
    • JK
      James K.
      9 March 2020 @ 19:26
      COVID-19 I live in San Mateo, just outside SF. Run a real estate biz, from SF through Silicon Valley.... I meet and know a lot of people in the biz, a lot. Before the SFO airport was shut to China flights 3 weeks ago, about 42,000 people each and every week came back/forth from China, 84 flights a week. Yet I don’t see or hear about any significant amount sicknesses around here, none ... The virus started months ago in China while the SFO flights were still going non-stop..... Something is off ....the numbers are off .....
    • JK
      James K.
      10 March 2020 @ 03:56
      I live in San Mateo County also
  • KB
    Kevin B.
    10 March 2020 @ 03:49
    Position sizing these trades is maddening. I have strong convictions, but not a super strong stomach and feel like the central bank are going to come rip my face off with some crazy spending package...and right on queue, Trump presser rallies the the S&P futures 120 points. Bumpy ride ahead!
  • AA
    Alberto A.
    9 March 2020 @ 18:18
    Simple is better....but dont you see a short on the banks? KBE? Others? Thoughts
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:18
      Julian is on this bet and I think its a good one
  • SS
    Steve S.
    9 March 2020 @ 18:28
    @Raoul. Did you buy USDMXN via options? Also, what about USDCAD?
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:17
      both.
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:17
      I prefer forwards but options is fine or futures.
  • MR
    Michael R.
    9 March 2020 @ 19:16
    Great. Thx for updating in such a timely manner! - much appreciated if you can update on ed’s as I didn’t get out yet
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:17
      Expect volatility but you can hold on for more upside. You size it as big as before...
  • HE
    Henry E.
    9 March 2020 @ 20:24
    Raoul, Just joined the "party" - how can I best catch-up? Always timely and clear. peace...
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:16
      Did into the archives to see Julian and my thinking over time. The videos are a good start...
  • FB
    Floyd B.
    9 March 2020 @ 21:48
    good update but there is some confusion from your comments,see below. I believe you were suggesting buying puts on the HYG or possibly shorting it but NOT buying it.
    • CL
      Cyril L.
      9 March 2020 @ 22:45
      Can't speak for Raoul but yes I think he just misspoke, the idea all along was to buy HYG puts or short HYG, he clearly hasn't changed his mind on credit (that'd be surprising given the developments).
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:15
      Sorry, yes, buying puts...
  • JF
    Javier F.
    9 March 2020 @ 21:52
    Raoul do you expect a US bank runs situation? Is our money “save” with banking insurance? In MI you mentioned you sold your TLT positions but here you said if we have bonds we can keep them as rates will go to zero. Do you stand by the latter? Tx u! Great job with these kick updates! I made money today
    • RP
      Raoul P. | Founder
      10 March 2020 @ 03:14
      It will get more volatile but I think rates go to zero. I think banks are safe in the US, for now. Who knows in the longer run (12 months). We will remain vigilant but my guess is this is a pensions crisis and not a banking crisis.
  • DJ
    Dario J.
    9 March 2020 @ 17:44
    Hi Raoul, If we cannot buy HYG june puts can you recommend an etf please? Maybe SJB? Thanks
    • SS
      Steve S.
      9 March 2020 @ 18:49
      hyg is an etf
    • CD
      Christopher D.
      9 March 2020 @ 21:19
      JNK. Or in my view EMB, but it's a different beast.
    • JS
      Jim S.
      9 March 2020 @ 22:08
      I bought sjb in a couple accts that don’t allow options.... it worked today and tracked hyg well
  • SS
    Steve S.
    9 March 2020 @ 18:28
    @Raoul. Did you buy USDMXN via options? Also, what about USDCAD?
  • BS
    Bevyn S.
    9 March 2020 @ 18:21
    Thanks Raoul. Interesting times. Stay safe everyone.
  • PB
    Patrick B.
    9 March 2020 @ 18:00
    Thanks for that awesome update!
  • BF
    Brad F.
    9 March 2020 @ 14:34
    Love the quick fire updates keep them coming...
    • ke
      karen e.
      9 March 2020 @ 15:03
      Agree. Video is better at this point. Transcript later would be nice for history and documentation purpose.
    • JL
      Jack L.
      9 March 2020 @ 16:09
      In some ways text is preferable to video. Text / graphics on the screen are inherently faster to process & far more information-dense than video. On RV's side I also imagine printed reports are logistically easier to produce. They can be done any time, any place, no need to dress, shave, attend to lighting / sound / connectivity issues, etc. To put a number on it I'm comfortable with a Text:Video update ratio of 4:1.
    • JL
      Jack L.
      9 March 2020 @ 17:34
      Correction -- sorry, I though this comment pertained to the previous March 6th written report. I hadn't reloaded my browser and it wasn't showing the "March 9th" date clearly. I retract my comment.
  • DM
    David M.
    9 March 2020 @ 17:25
    Any chance there is a transcript for this piece?
  • AA
    Alberto A.
    9 March 2020 @ 17:10
    Thank you! that's all I have to say. Deeply grateful for being a long term subscriber...
  • JK
    James K.
    9 March 2020 @ 15:40
    Before the SFO airport was shut to Chinese flights 3 weeks ago, about 42,000 people each week came back/forth from China, via 84 flights a week. Yet no major sicknesses has occurred around SF. That was plenty of time for infected people to arrive from China. Something is off .... the numbers are off..... there should be significant numbers of sick people, regardless of testing. It’s just not happening .. it’s an average to low average flu season ...
    • JC
      Justin C.
      9 March 2020 @ 16:36
      They haven’t tested enough people to know. As Raoul stated, things will become much clearer in the next 2-3 weeks.
  • MS
    Mark S.
    9 March 2020 @ 14:55
    I own only options on mainly futures but also some etfs towards the positions you described. What are one’s risks if the market closes? Thanks
    • MS
      Mark S.
      9 March 2020 @ 14:57
      I should add, I noticed when the market halted Monday AM oil, gold futures and several other commodity futures still traded including their options
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:19
      They closed after 9/11 - it just means you cant trade...and that means you cant manage risk
  • AS
    Alan S.
    9 March 2020 @ 15:08
    NOTE: When you said buy HYG, as per the update Friday, you mean buy puts on HYG; for those who did not see Friday's update.
    • JK
      James K.
      9 March 2020 @ 15:09
      Ya, no kidding ... But at end says short S/P & HYG ...
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:17
      Buy puts, sorry...
  • TH
    Tom H.
    9 March 2020 @ 15:09
    For non sophisticated savers/investors (family members and friends) with retirement accounts that have limited investment options (no direct cash option), what is safe going forward? For example what is the risk of US short term treasuries? Can the Government or Federal Reserve do anything to cause these to be an unsafe place to hide out in? What would a devaluation of the USD or weaker USD do to these? Example: Vanguard Short-Term Treasury Fund Investor Shares (VFISX) - average duration 2.1 years - 80% treasury/agency and 20% mortgage backed Just trying to help some of the less informed.. not comfortable to recommend they buy puts on HYG and no option for cash in someone’s retirement account. One thing I recommend is education and RV is my first suggestion however if Raoul or someone can comment on protecting retirement savings when the investment options are limited that would be appreciated.
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:17
      I think avoid ETF's as they have some liquidity issues possibly. Fund a gov bond mutual fund that is just indexed or slightly active and hold that.
  • RL
    Randy L.
    9 March 2020 @ 15:53
    Should we buy HYG if corp income will crash? Seems counter intuitive to me.
    • CE
      Christoph E.
      9 March 2020 @ 16:16
      I guess Raoul means to buy HYG put options. His March, 6ths flash Update states "Buy HYG June $75 Puts".
  • JD
    Jeremy D.
    9 March 2020 @ 15:20
    Just some color on Raoul's BTC comment: The tokens he is referring to is actually the PlusToken scam. They managed to accumulate a large amount of BTC with their scam. They have been liquidating over the last few days. I'm sure he just misspoke in a hurry. https://finance.yahoo.com/news/bitcoin-sharp-price-drop-may-115522666.html
    • KA
      Kelly A.
      9 March 2020 @ 15:33
      Thank you!
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:15
      Thanks
  • DD
    Dmitry D.
    9 March 2020 @ 16:15
    Great update, thank you very much, Raoul! It feels surreal quite surreal, like a slow-motion train-wreck (where you are on the train)
  • MN
    MIMI N.
    9 March 2020 @ 15:25
    Are you worried about China selling their Treasuries with the enormous profit they have ?
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:15
      The US pension system and banks will buy all of those and then some..demand is ENORMOUS
  • AE
    Anthony E.
    9 March 2020 @ 16:09
    Are 401k's against an existential threat? For instance, even if my mother's 401k is nearly 100% in bonds, is there a potential banking crisis dramatic enough to feel unsafe about keeping the money in?
    • RP
      Raoul P. | Founder
      9 March 2020 @ 16:14
      No, I think that is fine.
  • BT
    Brian T.
    9 March 2020 @ 15:58
    Raoul, Such updates are very helpful in these challenging times where timing and perhaps time matters for some of RV subscribers. Thank you,
  • MB
    Michael B.
    9 March 2020 @ 15:40
    Rauol why will the equity buyers not come back and this turn into a recession ?
  • RY
    Roy Y.
    9 March 2020 @ 15:15
    Thank you soo much for this update ... Fantastic ...
  • ZY
    ZHENG Y.
    9 March 2020 @ 15:07
    This update might already changed my mind, i might keep the micro insider membership.
  • IB
    Ivan B.
    9 March 2020 @ 15:02
    It's just brilliant, thank you for taking the time doing this update, much appreciated.
  • OT
    Omar T.
    9 March 2020 @ 15:01
    Raoul: Also, on the Shale blowing up HYG trade, according to this article: https://www.cnbc.com/2020/03/08/putin-sparks-an-oil-price-war-and-us-companies-may-be-the-victims.html They are talking about the shale guy's debt being due in 2021 and if prices stay low until then everything blows up. Does that fit your timeline? or are you looking for something much sooner as per your trade recommendation?
  • NR
    Nathan R.
    9 March 2020 @ 15:00
    Many thanks
  • SS
    Shanthi S.
    9 March 2020 @ 14:58
    Thank you Raoul!
  • NO
    Neil O.
    9 March 2020 @ 14:52
    Really appreciate the regular updates, Raoul. Thank you.
  • JW
    Joel W.
    9 March 2020 @ 14:51
    Thanks Raoul. I’m well positioned at the moment, but trying to figure out what to do next. Quick updates like this are profoundly helpful for me.
  • CH
    Charlie H.
    9 March 2020 @ 14:51
    I like shorting the Russell 2000 as well (futures via /RTY or ETF via IWM). It never took out the 2017 high unlike it's bigger brothers QQQ and SPY.
  • MD
    Michael D.
    9 March 2020 @ 14:51
    This was awesome. Thanks.
  • KC
    Ken C.
    9 March 2020 @ 14:50
    Thank you for the flash update! Excellent !
  • KA
    Kristian A.
    9 March 2020 @ 14:50
    Thank you Raoul. I upgraded to Pro over the weekend (longtime standard subscriber) and this is exactly the type of content I signed up for. I hope to see many more of these quick updates over the coming weeks, I'll need them!
  • AA
    Andrew A.
    9 March 2020 @ 14:49
    Thank you so much Raoul.
  • RM
    R M.
    9 March 2020 @ 14:48
    Quick updates like this are terrific. Thanks.
  • OT
    Omar T.
    9 March 2020 @ 14:40
    Raoul: Obviously the top guys in gov. have a fairly good idea of your doom loop scenario. How do you protect your portfolio from the possibility of we wake up with the government passing a truly huge stimulus package in a last ditch panic effort to save the markets?
  • JP
    Joseph P.
    9 March 2020 @ 14:34
    Rauol thank you for your continued efforts for us here, it is appreciated beyond any measure of expression.
    • JP
      Joseph P.
      9 March 2020 @ 14:34
      *Raoul