Friday, March 31

Markets ended the day down, but the week up. Personal income was increased in February, but consumer spending was down and missed estimates. Crude continued its rally today as the dollar remained neutral. Treasury yields gave back some of their gains from yesterday.

Our holdings in US utilities and LPs all appreciated, but Shell fell slightly as investor attention continues to turn to US based energy companies (RDSA is not backed in USD). Over the weekend we’ll be investigating taking on Ford Motors (F) as a mid to long term holding. Analyst sentiment is strong, but it has been in the past and this stock’s price has always managed to disappoint expectations.

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