Recent Commentaries

We did it — with 8.5 million fewer workers

Last week, the BEA released its first estimate of real GDP for Q1 2021 at $19.09 trillion. In order to generate this level of GDP, the economy utilized an average of 143.35 million total non-farm workers throughout the quarter. Now if we look back one year ago,...

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Is there a better hedge than the J’s?

So far, my spoos & J’s trade for 2021 is up over 10%, annualizing at just around 40%. In addition, my decision to steer clear of any form of traditional risk parity rate-style hedge for spoos and to opt instead for Janet and Jay (aka the J’s) looks to have been a...

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Treetops over Weeds

Not a day goes by without a note coming through my inbox that contains a catchphrase like “in the weeds” or “under the hood” or “deep dive” or “market internals.” Now, to be sure, going for a deep dive in the weeds in order to study those market internals under the...

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