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19 minutes ago3 min read
He came in like a Wrecking Ball
January 12, 2025 A key fear we have had for the performance of risk assets has been that the correlated rise in US Treasury yields and...
6 days ago3 min read
The US Dollar Wrecking Ball
07 January 2025 Since 2023, our sense is that there have been a few major swings in macro trends (and narratives) that have caught...
Dec 20, 20240 min read
Nov 22, 20240 min read
Nov 21, 20240 min read
Nov 7, 20242 min read
Make Volatility Great Again
As regular readers and clients know, our sense leading into the US elections was that the internals of the stock market, US Treasury...
Oct 16, 20242 min read
The Absence of Risk Compensation
A key question our mentor used to ask is what is your quarrel with price? The S&P500 (the global risk proxy) is trading near the...
Oct 8, 20243 min read
Too Fast, Too Furious
The way price responded to China’s NDRC Press Conference today raised two key observations about recent developments. First, the rally...
Oct 2, 20240 min read
Oct 1, 20240 min read
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