‘When Risk Parity Goes Wrong’ And The Coming ‘New World Order’

"Return OF, not return ON capital trade remains in full force", Nomura's Charlie McElligott wrote Wednesday morning, as markets remain in a state of turmoil thanks in no small part to the fact that attempting to price things in an environment where the world's largest economies are either shut down or in the process of shutting down, is an exercise in abject futility. Overnight, yields rose on the heels of the worst day for US bonds in decades, with traders now staring down the prospect of gove