Michael Jensen @GenesisGains: "Copier update! “Markets Float Higher..."

Denmark

Copier update! “Markets Float Higher — I’m Packing a Parachute” Hello everyone, “Sell in May and go away” — one of those classic market sayings that sounds clever until you actually check the data. Over the past decade, it’s worked… about once. Not exactly a reliable playbook. That said, I’ll admit the current market feels like it’s trading a bit on thin air. Breadth isn’t particularly strong. But as we’ve seen many times, when the right stocks are moving higher, the indices don’t care how many names are participating — they move on weight, not democracy. So far, the heavyweights have delivered. Earnings have generally been solid, guidance hasn’t caused major issues, and the companies that missed were punished quickly — just as we saw last quarter. On our side, we’ve navigated earnings season well. None of our positions created any meaningful drag. On the contrary, we managed to capture several strong winners, along with a few “sympathy movers” that were pulled higher alongside them. That’s also reflected in our performance: We are currently up around 7.5% year-to-date, with April being the standout month at +11.3%. Now, beneath the surface, things aren’t quite as perfect as the headlines suggest. The situation in Iran is pushing oil prices higher, which doesn’t help inflation. Add disrupted supply chains, weakening consumer sentiment, and rising yields — and you’ve got a fairly dangerous mix. Yet the market and media seem comfortable cherry-picking positives and selling a Goldilocks narrative. I’m not fully buying it. Once the current optimism fades, I expect volatility to return. We also have midterm elections ahead — historically not the calmest periods — and inflation is slowly creeping back into the data. So the approach remains: constructive, but cautious. Over the past few weeks, I’ve actively rotated within the portfolio to take advantage of the upside — trimming some positions and adding to others, always following price action rather than trying to predict it. As of yesterday, I’ve started reducing exposure more deliberately. We’re still positioned to benefit if the market continues higher, but I’ve adjusted position sizing to limit potential drawdowns if conditions change. Cash levels are now at 57%, up from 52% in the last update. I’ve also reduced position sizes on new trades by 25%. Looking ahead, my plan remains the same — but with an important clarification: When the next meaningful correction occurs, I will increase position sizes by 10–25% above our normal levels, not from the currently reduced levels. Since we’ve just lowered exposure by 25%, the actual increase from current positioning will therefore be more significant. This allows us to scale back in more effectively once better opportunities present themselves, based on factors such as the depth of the correction and the quality of individual setups. In short: We’re not stepping away from the market — we’re simply making sure we give back as little as possible if conditions shift, while keeping ourselves ready to lean in when the odds improve. It may sound like a lot for a relatively simple adjustment, but I believe in full transparency. You should always know exactly how and why the portfolio is being managed. If you have any questions, feel free to reach out — I’ll get back to you as soon as possible. Thank you, as always, for your trust and continued support. Not a day goes by where I’m not focused on improving our results. And yes — some say money doesn’t buy happiness… but there are probably fewer unhappy people driving a Lamborghini than an old Skoda. Have a great day — and let’s keep pushing forward. Mike $NSDQ100 $SPX500 $NVDA (NVIDIA Corporation) $TSLA (Tesla Motors, Inc.)

Not investment advice. The author may have financial interests in the mentioned instruments.