“Cats are smarter than dogs. You can’t get eight cats to pull a sled through snow” Jeff Valdez

These are broad areas that have been getting stronger

1. Greece
2. Ireland
3. Italy
4. 3-12 Month U.S. Treasuries

These are broad areas that have been getting weaker

1. Utilities
2. 25+ Year U.S. Treasuries
3. Frontier Markets (Vietnam, Romania)
4. Pharmaceutical Companies

Source: Dorsey Wright and Assoc./Thomson Reuters

(See complete List by clicking here:Monthly Trends)

Last month we discussed how we were starting to see parts of Europe show up on the list of strengthening markets. Over a month later, those markets have not only stayed on the list, but more European countries have been added.

In fact, on our Monthly Trend Analysis (posted to my website here: Monthly Trends) there are 18 areas of the market that are getting stronger. Ten of those are countries in Europe! In addition to Greece, France, Ireland and Italy, we now see Spain, Netherlands, Sweden, United Kingdom, Germany, Belgium and Poland. That is quite a list. Because this list has grown, I believe these areas of the world warrant a closer look.

Also, since we are speaking about areas that warrant an extra look, I must mention short term U.S. Treasuries. As of 3/9/2023 the six-month U.S. Treasury is yielding approximately 5.25%.* This is pretty interesting because a 30 year U.S. Treasury is only paying 3.85%.* We don’t see this kind of relationship often. As you all know, when we go to longer maturities, they are typically paying higher than short term maturities. Not to mention, six months ago we saw these same six-month yields paying 3.44%.* In my opinion, short term seems to be the place to find some extra value.

As always, I enjoy interacting with you! Feel free to contact me with any thoughts and questions. You can email or call me at 503-910-1687…my phone is with me all the time. I look forward to speaking with you soon!

Michael

Michael S. Lewis

President, Wealth Manager

Anchor Wealth Management

358 NW 1^st Ave, Suite 2, Canby OR 97013

(503) 910-1687

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www.anchorwealthmanage.com

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.

• Source: Bloomberg and Y-Charts

Content in this material is for general information only and not intended to provide specific advice or recommendation for any individual. All performance referenced is historical and is no guarantee of future results. All investing involves risk including loss of principal. No strategy assures success or protects against loss.