View from 5th Avenue

Redburn’s View from 5th Avenue – May 3rd, 2021

We’re switching the View up a bit today, moving it back to post the US close (we hope you’ve at least noticed THAT change by now) and a format more similar to the original version. Is it cool my co-authors have made me initiate the new/old View on my birthday? I have my thoughts on the matter but will leave the ultimate judgment to you. Enough of that – after a torrid week of earnings, the seasonally weak month of May now upon us. If you base your portfolio decisions solely on rhymes, it's clear what to do next. But even that time worn adage doesn’t necessarily hold true anymore (see below). Warren Buffett and Charlie Munger gave us some delicious soundbites while reenacting Grumpy Old Men (can sympathize). There’s still plenty of fire from these two, nobody was spared. Crypto, SPACS, Robinhood – each of them caught a fresh one from the Street legends. Buffett also touched on the “buying frenzy” taking place in the market and naturally pointed to creeping inflation. It’s impossible to argue that point; you could look in any direction and find an ‘asset’ that’s ripping.

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