So, stocks are indeed getting crushed today as the world digests the possibility that Britain might be its own mostly sovereign nation once again and not a full quasi-state in the European Union. Remember when nations were just nations?
As you guys know I’ve raised a lot of cash over the last year or so and have been recently looking for a 5% pullback in the markets to do some more buying and getting a little bit longer overall. Here’s my plan for this morning.
I’m going to nibble a 1/10th-sized tranche (just some small nibbles for now) on Facebook and Fitbit common stock. And I’ll cover a small tranche of our IBB short position.
There are a lot of hedge funds and other money managers who are positioned completely wrong for this reaction to the Brexit and there will likely be at least a few days or panicky action in the stock markets, which we will simply try to use to our advantage as we have so many other times over the past twenty years that I’ve seen these types of non-US geopolitically-based panics.
I’ll send out a note later if I make any other trades and/or if the action in the markets today gets crazy enough.