Postcards: We're Living a Lie... (Why It's Time to Return to Fundamentals... Fast).

The VIX is back to 16, NVDA is stalling, and inflation data returns this week. The fantasy of the first quarter is coming to an end. Funds are selling, and retail may be left holding a bag very soon.

Dear Fellow Expat:

The S&P 500 is retreating to 5,100, and some investors are freaking out. The S&P 500 has declined by a horrifying… mind-numbing… panic-inducing 1% from all-time highs.

Here’s an important reminder: the S&P 500 is up more than 45% since October 2022.

That month was one of the worst periods of finance in decades.

While Hurricane Ian ravaged the Florida Republic, the S&P 500 bounced off the 3,500 level and rose progressively higher.