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Since the start of the year, shitco’s — for the lack of better words — has rallied double-digit percentages and in some instances, triple digits.

The narrative on the street right now, in my opinion, is the following

1. Inflation is coming down and as such, a soft landing can be achieved.

2. Because inflation is coming down, the FED has room to pivot by the end of the year.

3. Consumer spending is still up according to Visa V 0.00, Mastercard MC 0.00 , and American Express AXP 0.00.

We still believe that this is all “hopium” and that the FED will not cut this year nor is the economy rosier than what others are interpreting the data as.

Since our FY 2022 position update, we have

1. Added 3 net new positions

2. Resized 5 positions

3. Re-entered cannabis

Here’s what they are below.

New Positions