TQQQ - Returning To Ground Zero

• We believe we have started a new economic expansion and new bull market in stocks, and that we are in the early phase in which stock returns are the greatest.
• This is why we view any correction in stocks to be a buying opportunity to increase our exposure to stocks and commodities above our benchmark's neutral allocation, rather than the start of a new bear market.
• With interest rates back at zero and likely to stay there for years to come, cash and bonds, in our view, have poor long-term return characteristics.
• Over the last month, we began to divest a few positions that had erased the undervaluation we saw when we first bought them as we saw growing opportunities in other areas. One of the areas that has the greatest long-term appeal, in our view, is commodities.

For further details see: