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Morning Matters:

Morning Matters Portfolio Update
by Geoff Garbacz

August 10, 2018

For 2018, the S&P 500 is higher by 6.73% from 5.72% at our last update on August 3. This year the Morning Matters Portfolio is higher by 5.96% from 4.38% on August 3. We have reduced our percentage invested from 67% to 50%, as such we should be up 4.50% so we are outperforming relative to our percentage invested.

The Russell 2000 is higher for the year by 9.86% from 9.55% on August 3rd. The Nasdaq Composite is still above 7800 since our last update. The Dow is now above 25000 from 25000 since our last update. February and March were VERY volatile months and April continued that trend. May calmed down as did June and now July. Our prediction is that volatility returns in August and September.

The portfolio goes to 50% from 67% invested long, 0% short and now 50% from 33% in cash, net long 50% from 67%. For 2017, the value of the portfolio was 970.84%. So far in 2018, the portfolio value is now 1023% from 1015.33%.

Since 2008 when we began this portfolio, we have had two losing years 2011 and 2016 which was filled with lots of geopolitical issues similar to 2011. There have been 9 winning years.

We expect another such run will happen. The portfolio is now into early and hanging tough. Last week we mentioned that Nuvasive (NUVA) had a nice move as it rose post earnings even though the numbers were only so so. We indicates that we might lock in gains if it cannot advance more in the next couple of days and we did. Nike (NKE) was sold yesterday after owning for over two years. We look to further trim if we start to see more weakness.

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