Newsletter end of April 2022

The month of April, was a particularly bad month. The Enhanced Permanent Portfolio reference account lost -4%, while the ACWI world market was down -8.07% and the US S&P500 down by -8.8%.
There was simply no place to hide because all asset classes dropped. Treasuries by -9.6%, Gold by -2%, Silver by -8%, Copper by -7.3% and the Bitcoin lost even -15%.
This way also the broad diversification of our Permanent Portfolio did not help much, however we lost about 4% less than the market and on the long run this makes the difference as limiting losses is as important as posting gains.

Your Rational Invest Team
Walter Baumann / Frank Grossmann / Thomas Ritter
Tel +41 79 306 11 60 / Email