Coventry League exited the U.S. equity markets last summer despite some limited partners and prospective investors questioning our rationale during such an ebullient market.
Well, we aren't the brightest folks in academics or most articulate; however, we seem to have a knack for capital allocation. We call it luck for achieving unlevered annualized returns in excess of 40% over about eight years or so. Nevertheless, the market is down roughly ten percent since last summer, so congratulations if you bought puts on broad-based indices.
Now, please reference the often-referenced Baltic Dry Index (BDIY), a harbinger of things to come in global trade: