Waterboy Stocks | Substack

“To us, the early-1971-market’s disregard of the harrowing experiences of less than a year before is a disquieting sign.

“Iran’s effective control of the Strait of Hormuz plus its tightening grip on the Bab al-Mandeb Strait threatens to push oil prices even higher, weeks before November’s midterm elections in the United States.”

Portfolio: 100% cash (VBIL). The S&P 500’s trailing earnings yield is 4.08% (WSJ), below the 10-year Treasury’s 4.78% yield.

14 semiconductor stocks and 5 semiconductor equipment & materials stocks account for 17.2% of the S&P 500.

Now is the time to play defense.