Trading Post June 30, 2026
A little window-dressing, the SOX, and Caterpillar
The ends of quarters are a time for window-dressing. Funds the world over try to make it look like their top positions have been the widely-acclaimed winners, and they sell down unpopular stocks that have recently underperformed.
The June 30th window dressing every year seems to me more significant than all other quarters.
One reason may be the June 30th stats and portfolios anchor the fund-raising push into the end of the year.
I cannot prove any of this. But this is what I have seen.
It does not play out every year, and over the 25 years I employed people and ran money for others, I tried to have a light hand on days like today. I never wanted to be accused of window dressing.
This June 30th is different. Window dressing is not even possible. I’d be fooling myself. But I am trading against some of the trends today.