Andrew Dalrymple's letter - 1st quarter 2019

The final quarter of 2018 was a painful one for equity investors, and the Strategy suffered a good deal of damage, eradicating all of the gains made during the year. It is therefore a relief, and very pleasing, to see much of that lost ground being regained.
Fortunately, as has quite often been the case in the last ten years, the fears that prompted the slide in markets at the end of 2018 have so far proved groundless. There was much comment about a slowdown in China, and great concern about an escalating trade war between China and America. After the US economy had recorded very strong growth for the first half of 2018, it looked likely that the Federal Reserve would continue to raise interest rates, and at an accelerating speed. In the event, Chinese GDP data was solidly reassuring, and the Federal Reserve has made it clear that with little or no inflationary pressure in America, the likelihood of material rate rises in 2019 was low. Bond yields fell back, and equity markets have enjoyed a very good spell.

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1Q19 Manager's Letter AD.pdf

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