Recent Commentaries

LUV is the answer

Thanks to everyone for sharing their ideas on potential names for the new iteration of risk parity I proposed in last Friday’s note. It’s not so easy to get solid rhymes that bring together spoos and short-dated investment-grade corporate credit. Nonetheless, there...

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The next iteration of risk parity

It’s been just over two weeks since cutting my most recent version of the risk parity trade – “spoos, 2s, and rouge.” And to be sure, this trade operated exactly how it was supposed to in a large-scale economic and market pullback. At the time of exit the risk asset...

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Easing the pain is not stimulus

Fully processing all the monetary and fiscal programs that have been put in place to combat the economic, emotional, and physical pain associated with this pandemic is an extremely difficult task. The totality of deficit spending and Fed balance sheet expansion will...

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