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Category: value

Reflation Trade Faded In 2020’s Opening Days As Reversal Strategy Is ‘Bang-On’

January 11, 2020

Maybe the “slow-flation” trade isn’t a “relic” after all.

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The Rotation Is Dead. Long Live The Rotation.

November 23, 2019November 24, 2019

“Expectations are extremely volatile”.

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1 Comment on The Rotation Is Dead. Long Live The Rotation.

‘What If Yields Rose By 100bp?’ Questions Linger Around Bursting Of Bond Beta Bubble

November 19, 2019November 23, 2019

How dramatic would the unwind be?

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1 Comment on ‘What If Yields Rose By 100bp?’ Questions Linger Around Bursting Of Bond Beta Bubble

After The (Duration) Purge…

November 14, 2019November 23, 2019

Cue a backtest.

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Is The Min Vol Bubble Bursting?

November 13, 2019November 23, 2019

It’s now just a matter whether the bubble merely deflates, or actually bursts in earnest.

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8 Comments on Is The Min Vol Bubble Bursting?

Nomura’s McElligott: ‘Now Comes The Hard Part’

November 13, 2019November 23, 2019

“The easy money has been made”.

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To Believe In The Rotation Or Not To Believe…

November 11, 2019November 23, 2019

…that is the question.

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2 Comments on To Believe In The Rotation Or Not To Believe…

Marko Kolanovic On ‘Groupthink’, Crowding And Why The Rotation Will Continue

November 8, 2019November 23, 2019

“Two strategies that in theory should have little to do with each other” have been “nearly 100% correlated” recently.

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2 Comments on Marko Kolanovic On ‘Groupthink’, Crowding And Why The Rotation Will Continue

As ‘Tantrum’ Risk Comes Calling, Nomura’s McElligott Flags CTA Bond Selling As Legacy Long Unwound

November 5, 2019November 23, 2019

Trade optimism is running rampant and crowded positioning looks set to unwind.

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Too Far Too Fast? Goldman Wonders If The Risk Rotation Can Last

October 29, 2019November 23, 2019

A sustained rotation requires an improvement in the data, the bank warns.

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Marko Kolanovic Again Warns Of Potential ‘Crash’ In Low Volatility Stocks, Flags Massive CTA Commodity Short

October 28, 2019November 23, 2019

“Low volatility crowding turned the conventional economics upside down”.

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1 Comment on Marko Kolanovic Again Warns Of Potential ‘Crash’ In Low Volatility Stocks, Flags Massive CTA Commodity Short

Marko Kolanovic, Charlie McElligott See Scope For Market Bounce After Quant Flow-Driven Rout

October 4, 2019November 23, 2019

“In less than 48 hours, many major markets lost ~5%”…

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8 Comments on Marko Kolanovic, Charlie McElligott See Scope For Market Bounce After Quant Flow-Driven Rout

Rates As ‘Patient Zero’ And The Fate Of September’s ‘Rotation Flirtation’

September 17, 2019November 23, 2019

The situation is “fluid”.

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‘Even Short-Lived Rotations Could Be Powerful’: Goldman Weighs In On Momentum Massacre, Factor Turmoil

September 11, 2019November 23, 2019

“The triggers in the short run could be geopolitical”.

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3 Comments on ‘Even Short-Lived Rotations Could Be Powerful’: Goldman Weighs In On Momentum Massacre, Factor Turmoil

Marko Kolanovic Weighs In On This Week’s Dramatic Factor Rotations, Delivers Near-Term Market Outlook

September 10, 2019November 23, 2019

“By just looking at the price of the S&P 500 one cannot see the true state of equity markets”.

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4 Comments on Marko Kolanovic Weighs In On This Week’s Dramatic Factor Rotations, Delivers Near-Term Market Outlook

Nomura’s McElligott On Monday Momentum Massacre: ‘One Of The More Stunning Trades In Modern Market History’

September 10, 2019November 23, 2019

“And yet HILARIOUSLY, Joe Schmoe retail investor looking at simple Index returns wouldn’t have had ANY idea of the calamity occurring”.

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7 Comments on Nomura’s McElligott On Monday Momentum Massacre: ‘One Of The More Stunning Trades In Modern Market History’

Of Course Nomura’s Charlie McElligott Knows What’s Wrong With Stocks On Monday…

March 4, 2019

“… said every equities PM ever.”

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3 Comments on Of Course Nomura’s Charlie McElligott Knows What’s Wrong With Stocks On Monday…

Someone Is Wrong: November Sees Dueling Flows In Growth, Value Products

December 1, 2018

Can they both be right?

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1 Comment on Someone Is Wrong: November Sees Dueling Flows In Growth, Value Products

Jerome Powell’s Job Is Done Here – It’s All Up To Trump Now

November 30, 2018December 1, 2018

Don’t screw this up, Mr. President…

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On The Nasdaq: A New Nightmare

November 19, 2018October 20, 2021

Quick! Somebody buy some iPhones! 

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Bad Apples, Fading FANGs And Macro Fund ‘Nukes’

November 19, 2018November 19, 2018

Another tough day for the most crowded trades on the planet.

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Trump Says ‘Presidential Harassment’ Behind Stock Selloff (It’s Really Apple)

November 12, 2018November 12, 2018

“Big headaches!”

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Requiem For October.

October 31, 2018October 18, 2021

Another bad dream.

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‘Rather Than Catching A Falling Knife’: One Bank Says It’s Not Yet Time To Buy

October 29, 2018

Why it would “be prudent” to wait on full capitulation.

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One Trader Thinks Millennial Investors Are About To Get Slaughtered

October 22, 2018November 13, 2018

“Ahhh… Millennials… You gotta luv ‘em.”

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After October Selloff, One Bank’s Clients Are The Most Underweight U.S. Stocks Since January

October 22, 2018

Make America first again?

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Glitchy Streaming.

October 17, 2018

“Buffering”…

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Monthly Letter+

  • Lost At Sea

    March 11, 2023March 11, 2023

Week’s News

It’s Not A Wage-Price Spiral. It’s ‘Greedflation’!

March 23, 2023March 23, 2023

Fed Delivers Dovish Hike Amid Bank Crisis

March 22, 2023March 23, 2023

Xi, Putin Revel In Pageantry As Show Of Defiance

March 20, 2023March 22, 2023

The Swiss Killed The CoCos

March 20, 2023March 21, 2023

Book Closes On Credit Suisse After 167 Years

March 19, 2023March 20, 2023

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Recent Comments

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Monthly Letters

Lost At Sea

March 11, 2023March 11, 2023

Exiles On Main Street

February 4, 2023March 11, 2023

That’s Great, It Starts With An Earthquake

January 22, 2023February 4, 2023

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