Sail Further

I plan on laying my boat up "on-the-hard" in La Paz, Baja California Sur, for hurricane season. To hedge the peso-denominated expenses I went long the Mexican peso exchange-traded-fund: FXM. Deutsche Bank recently published a study of assets that currently have the most speculative interest. I was surprised to see that the Peso is the most "crowded-trade" in their study (MXN ... you can click on the image to embiggen): I don't think this bodes well for the Peso in late-June when US dollar weakness is expected to reverse with the end of the Federal Reserve's "quantitative easing" program. To cover or not to cover US dollar shorts??? (and of course what to do with the lateral play: commodities).

I posted this message to the Yahoo southbound cruisers group. It got rejected because I didn't delete the original e-mail I was replying to (sailors using HF for e-mail are pretty bandwidth starved). The topic was really old so I thought the original e-mail would be useful for context. I'll post it here instead. I would still recommend visiting the Grand Bay Marina as long as you're forewarned about the expense. The amenities at the resort are pretty amazing. There's an ATM that dispenses US dollars at the Paradise Village Resort Mall in Puerto Vallarta so it's possible to load up on dollars before heading to the Marina in Navidad. > From: "southbound_group-owner@yahoogroups.com" > Subject: Message not approved: Grand Bay Marina -- Barra de Navidad > I have an update on prices at Grand Bay Marina. > If you're a cruiser on a budget I'd give the Marina a wide > berth. Charlie's Charts (12th Ed., c. 2009) quotes a daily rate > of...