Mirador Portfolio Management Update

Dear Friends and Clients,

By now, I imagine most of you know that Trump has come out with his Tariff plan. Most markets are reacting strongly negative; commodities, bond yields, and of course, stocks.

Here is what you might not know, last week the Mirador Canadian Income and Stability Fund hit a new high-water mark. Then, I raised cash and bought short positions. So today, as I write, the major stock indexes relative to us are down between 3.6 to 6.18 percent. Our benchmark is down 2.363%. The Mirador Canadian Income and Stability Fund is only down 0.993%. This is a decline of 1.37% less than our benchmark, a small fraction of the stock index’s declines, and only .42 of our benchmark’s decline (less than half).

I will continue to follow the charts and data very closely and adjust our position accordingly. Tomorrow will be one of the most important economic data days for the month and quarter, and maybe the year. It is a very fluid and unpredictable time, but we are doing well, and you have little need to worry.

As far as what is going on, I don’t want to say too much – it’s just too crazy out there. But because of what I understand about the last 100-plus years of market and economic history and what is happening now, I do get the sense that this will be short-term pain that will lead to a wonderfully better long-term time for North America. And, the tariff announcement removes some uncertainty that will likely lead to better clarity for portfolio management.

As always, please call me at 403-608-4664 if you have questions or concerns and would like to chat.

Sincerely,

Stan Clarke

President, Portfolio Manager, Investment Fund Manager, Friend, Rancher, Drummer