Insights
Weekly perspectives on markets, hedge funds, and the issues facing institutional investors. Browse The Long & The Short by topic below.
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Messy Days
First came the “AI is over” trade on Wednesday which of course was followed by a sharp de-risking short squeeze on Thursday, and then chaos ensued on Friday.
Clear and present HAWKISHNESS
FOMC Sep. minutes provided little relief for bond bulls desperately seeking catalysts to stem the rise in yields.
It is not easy out there
If one were to simply watch the price action in the S&P 500 index, the conclusion would be equities are resilient, as the index only drew down by an eye watering 1.5% intra-month in September, before bouncing back to finish around flat.
Stocks are the new diversifier
Macro portfolio managers are remarking that Korean equities are considered a diversifying and defensive component of portfolio construction.
Earnings!!!!
Taking a step back from the noisy technical and sentiment driven price movements, there has been reasonable justification for the stunning bull market in US stocks over the past 36 months.
Spec-Broadening!?
Risk is well-bid evidenced by crypto surging out of its multi-month downtrend.
Band-aids don’t fix bullet holes
Here we are in the US at $40T debt, equities at all-time highs, rates sticky, and bond vigilantes making a showdown versus the US Treasury.
AI becoming a credit story
Manias become more susceptible to systemic risk when they move from the equity to credit side of the ledger. As the AI capex buildout continues, the stakes become much higher for the capital deployed to generate sufficient value.
Back to “11”
US investor risk seeking appetite was clearly not dented by July’s market price swings. The sector/factor wars under the surface have rapidly left front page news after Situational Awareness and we are back to the “bullish” goldilocks market backdrop.
Situational LTCM
An AI hedge fund unwind invites comparisons with LTCM as momentum recovers, positioning resets and thin summer liquidity leaves markets vulnerable.
Weekly Market Note: When good is bad
Sector and factor rotations continue to roar amid major drawdowns from winning H1 exposures.
Is US inflation under control?
Cooler inflation readings lift markets before hawkish Fed comments challenge easing hopes, with small-business price concerns shaping the rates debate.
An impressive risk-on rally in Q2!
AI and growth exposures lead the second quarter as value managers, quant equity funds and commodity traders contend with rotations and macro reversals.
Asian Equity Long/Short!
An uptick in market volatility has been driven by seasonality induced market illiquidity, consolidating and ever-rotating tech/AI leadership, and increased uncertainty regarding the medium-term trajectory of US interest rates.
Q1 2026 in Charts: A Measured Recovery
A short illustrative chart pack walking through the quarter, published end-to-end over the API with images on the self-hosted CDN.
Ring the bell!
Price action continues to signal a market celebrating peace and prosperity with unusual fervor as volatility is quashed and risk is sportingly embraced.
Inflation Everywhere!
Risk appetite resilience stands as a remarkable testament to the overabundance of liquidity currently swirling through the global economy.
Short Squeeze
We are beginning to see market rotation out of the AI/semis trade which has dominated price action in recent months.
Continue buying
Sentiment remains ebullient as investors are determined to maintain the positive momentum in risk assets, which has sent the Russell 2000 index up 7% in just the past six trading sessions and is now up 22% from the March 30th YTD lows.
War, Peace and NVDA
Ongoing Middle East peace negotiations, NVDA earnings, SPCX IPO anticipation, sticky rates, volatile oil and seasonality conspired this week to create a de-risking environment where daily price movements of individual securities became harder to forecast.
What if AI is inflationary?
Insatiable investor risk appetite marches onwards.
Another V-Shaped Recovery
Risk was clearly embraced during the month of April 2026.
Make it Stop!
Month-end flows, mega-cap tech earnings, war headlines roulette, and central bank decisions served to create a dynamic trading backdrop this week.
Peace dividend paid forward
The remarkable re-engagement with risk taking in the wake of the temporary cease fire has created both opportunities and challenges for hedge funds.