THE ECLECTICA FUND – AUGUST 2006
“I’ve never seen anything so rudely clear as this.”
As Union cavalry commander, Buford reportedly said when he rode onto the Gettysburg battlefield for the first time.
From Bill Meridian, Cycles Research
This year has been a battle of wits. So far, the report card is mixed. Financially, we have endured a frustrating sequence of monthly returns. As I write, we have lost 4% y-t-d. It isn’t working, you might surmise. And yet life is never as straightforward. In terms of strategy we feel increasingly vindicated: bonds are up, the dollar hasn’t collapsed on the Fed pause, gold shares are down on the year, oil is heading for $50 and the Japanese stock market is nowhere. And remember, we’ve never suffered a calendar year loss, so it is with some conviction that I say our returns will come back.