APRIL UPDATE

This is a free preview of a paid episode. To hear more, visit www.russell-clark.comTo be perfectly honest with you, I should have lost money this month. If I look at the big macro trades I follow, they all pretty much went against me. The most extreme was GLD/SPX, which finished the month at lows. Big up months for me have been when this spikes, like in April of last year, or January of this year. That it was down 10% this month, should have been a problem for me.When we look at GLD/TLT it also gave me nothing this month - with both GLD and TLT falling the same amount.I also prefer Japan to the S&P 500, which on a relative basis was back at lows. This was also compounded by the fact that Japanese banks just traded in line with Japan this month, so no alpha there.On the short side, private equity names, also bounced hard (as proxied by PSP US, the Invesco Global Equity Listed Private Equity ETF).Despite ALL of that, it was a pretty decent month. How?