Recent Commentaries

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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No ventilators for CMBS, CLOs or HY

Watching LQD rip ~20% off the lows, to now trade only down ~4% on the year, has been nothing short of mesmerizing. Just the announcement of these new Fed 13.3 IG corporate bond lending/purchase facilities, the PMCCF and SMCCF, worked magic for this $7t market. In...

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