DM Monthly Report – Oct 2024

“IT’S THE ECONOMY, STUPID” – Those words were famously delivered to his charges by James Carville, Bill Clinton’s campaign strategist, as the 1992 race for the White House entered its final days. A year earlier, George HW Bush had enjoyed a 90% approval rating amongst Americans following the US military’s successful reversal of Iraq’s incursion into Kuwait; but now the economy had dipped into recession and household focus was shifting to the pocketbook.

FEATURE STOCK – Fortinet Inc. (FTNT) – In late August, we funded a new position in FTNT by selling homebuilder, DR Horton Inc. (DHI), which had more than doubled since our original purchase three years ago.

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