ByteTree Quarterly Investor Letter - Q1 2026
With so much uncertainty, I believe it is right to maintain lower exposure to risky assets and a wider degree of diversification than normal.
TMAI
A diversified portfolio service that blends traditional bonds and equities with alternative assets such as gold, commodities, and digital assets
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Food for Thought
The winds have changed, and we have reset the sails in The Multi-Asset Investor, boosting commodities and reducing equity exposure.
Adding Commodities to the Portfolios
Over 30 years, stocks have beaten commodities fourfold. But when stockmarkets come under pressure, commodities provide a more reliable source of diversification and return.
Cash Is King
Markets remain risky. The situation from earlier this year has changed. Since the war in Iran began, the only safe havens have been energy and cash.
Risk Reduction
The UK 10-year bond yield has made a new high, above the level last seen in 2008. This is happening around the world, but is most profoundly felt by the UK.
Risk Reduction
Spot oil, the price today, is rising sharply, and the greater concern is that future oil prices, what you pay for oil delivery next year, are also rising.