Kevin Duffy on how to navigate bubbles

The roadmap to navigating a bubble lies in its split personalities: limit your exposure to the most bubbly areas and seek refuge in the anti-bubbles.  As the red flags stack up and risks multiply, forget about timing and outperforming the S&P 500.  This is a fool’s errand. 

Resisting the siren song and chaining oneself to the mast is challenging, but easier for the disciplined individual than the investment professional.  A large number of subscribers to this newsletter are employed in the investment industry.  My only advice: try to chart a sound course over appeasing clients, even if it means firing some.  Easy for me to say… I wish you well!

~ Kevin Duffy, The Coffee Can Portfolio, April 26, 2021