Good Thursday morning. Heads up; over the next week our VRA Letters and VRA Investing Podcasts will be limited as we’re taking time off into year end.

Your next VRA Letter (either later today or tomorrow) will be a VRA Members Only Podcast, where we'll cover each of our VRA Portfolio positions, with a focus on VRA 10-Baggers, along with our approach into year end and 2024.

VRA Market Update

The final 90 minutes of trading featured a shake-out, as the Dow reversed from +100 to -475 at the close. Of note, NYSE had a 91.2% down-volume day. That surprised us but zero-day options trading was almost certainly the culprit, certainly with light volume trading.

The losses came as part of a broader risk-off move, led by a warning from Fed Ex and continued plummeting interest rates that the bears claim is a sign of things to come from a weak US economy in 2024. One thing is clear; investors are highly confident about the chances of rate cuts from the Fed in 2024.

Futures are now pr...