Monthly Portfolio Review, May 2026

Calm before the storm?

Oil bounced around in May, but other than that, the commodities space was pretty quiet. Gold and silver continued to consolidate…

…and copper held near its recent high:

The Real Action Was Elsewhere

May inflation, driven by Iran war supply chain disruptions, was more than twice the Fed’s 2% target:

Interest rates rose to levels last seen in the 2007 housing bubble:

And despite the above, stocks hit new highs in May, as AI companies continued to attract unprecedented amounts of capital and SpaceX prepped for its trillion-dollar IPO. By month’s end, the “Buffett Indicator” — total equities market capitalisation vs GDP — had peaked at a level that dwarfs those of the 1990s dot-com bubble and 2000s housing bubble.

The takeaway? Between inflation, interest rates, and sky-high stock valuations, we may be headed for serious turmoil.

And yet…our Portfolio held its own and delivered some dramatic M&A action.