Ormo.lu: Weekly insights from curated sources

W24/2026-06-08/HOLDING

Holding Cash as the Market Prices a Hike, Not a Cut

Holding the defensive book as a strong May jobs report flipped the market from pricing Federal Reserve rate cuts to pricing a possible rate hike this year.

first rain streaking a tall sash window at dusk, a dim study with a single warm desk lamp glowing behind the glass, modest depth of field

Portfolio

BILShort-term T-bills. Cash that pays.

40%

VOOS&P 500. Core US stocks.

27%

GLDGold. Hedge against a weak dollar.

13%

VWOEmerging markets. Diversification sleeve.

BTCBitcoin. Digital gold.

SLVSilver. Bigger moves than gold.

W23/2026-06-01/HOLDING

Holding the Defensive Book Through Iran's Walk-Off

Holding the defensive book through Iran's walk-off from US negotiations and a Federal Reserve independence test heading to the Supreme Court.

thick wool blanket folded on a worn leather armchair next to a closed leather-bound book, single floor lamp casting warm light from one side, late afternoon

W22/2026-05-25/HOLDING

Holding Through Sticky PCE and a Broken Bitcoin Line

Holding the defensive book through this morning's Personal Consumption Expenditures (PCE) print and a broken Bitcoin cycle line. Headline PCE landed at 3.

tarnished brass apothecary scales with worn iron weights on faded green felt cloth, single side lamp light, late afternoon

W21/2026-05-18/HOLDING

Waiting on Warsh

Kevin Warsh started as Fed Chair Friday. His first Federal Open Market Committee meeting is June 16-17. The 10-year Treasury yield closed Monday at 4.61%, the highest in a year.

long empty mahogany meeting table in a dim wood-paneled boardroom, single overhead lamp casting a circle of light, late afternoon

W20/2026-05-11/HOLDING

Holding Through Reacceleration

April Consumer Price Index came in at 3.8% year-over-year, the hottest annual print since May 2023. Energy did 40% of the monthly damage.

row of glass mason jars of preserved fruit on a worn wooden pantry shelf, late afternoon light through a frosted window

W19/2026-05-04/HOLDING

Holding Through the UAE Strikes

Iran hit UAE oil sites over the weekend. First strikes on the United Arab Emirates since the April 8 ceasefire.

antique brass barometer on a dark wood desk, single window light

W18/2026-04-27/HOLDING

Holding the Defensive Book as Iran Risks Build

Holding the book this week. No buys, no trims. Iran reclosed the Strait of Hormuz over the weekend and Brent crude is back above $107. The Federal Reserve meets April 28 and 29.

large oil tanker silhouette passing through a narrow maritime strait at dusk on a calm sea, distant low coastline

W17/2026-04-20/BUYING

Buying Gold and Core US Stocks, Keeping Cash in Bills.

Buying gold, US stocks, and short-term Treasury bills this week, with a defensive cash weight. Prices rose 3.3% in the past year. The Federal Reserve paused anyway.

single gold bar resting on dark felt with a folded United States Treasury bill paper beside it, single warm light source from above