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Market Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/30fdce0d-1d85-4053-b8e5-7ca1122eaa23/EU+banks+HF+exposure+_JPM.png The Long & The Short - Market Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/c7a9085f-a143-4fc7-a0ec-755c9b5f84b5/staples_koyfin.png The Long & The Short - Market Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://masterpiecehfs.com/thelongandtheshort/market-note monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/1281365a-8d5b-43f0-ad49-bbc006ce4e77/Market+Recap+Banner.png The Long & The Short - Weekly Note https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/172e11e4-e3b1-4f5f-a534-670fcb69dc2c/revolving+july+25.jpg+1%2C121%C3%97652+pixels.jpeg The Long & The Short - Weekly Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/bb4b2dad-3e31-4d96-a1d5-2731f1f27fd2/HF+returns+H1+2025+YTD+dispersion+Citi.jpg The Long & The Short - Weekly Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/5d9e1fd0-7555-492f-b120-bb850ca649b4/Jul+1+Momentum+reversal_source+GS.png The Long & The Short - Weekly Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://masterpiecehfs.com/thelongandtheshort/weeklymn-jun272025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/26b7f0af-fed8-4900-b570-1ebc02abd0ae/Market+Recap+Banner.png The Long & The Short - Weekly Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/bcec7e93-5cbb-46ef-8041-e3757ec5a1dc/high+beta+stocks+vs+low+beta+.png The Long & The Short - Weekly Note - Make it stand out Reflecting a surge in investor risk appetite, the second quarter of 2025 saw high-beta stocks dramatically outperform low-volatility peers. This "risk-on" sentiment has perplexed some strategists, especially given the significant economic uncertainty. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/b07e98ce-f5cf-4ff7-99fb-8b6486635df2/GS+EU+financials+HF+positioning.png The Long & The Short - Weekly Note - Make it stand out U.S. equities continue to trade at expensive levels, with the S&P 500's forward price-to-earnings ratio sitting at an approximately 50% premium to international stocks. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/3fe03df5-2a90-44e0-971d-33a5b59f318e/Managers+dollar+positioning.jpg The Long & The Short - Weekly Note - Make it stand out Reflecting a powerful consensus among professional investors, the net overweight positioning in the U.S. dollar has plunged to its lowest level in two decades. https://masterpiecehfs.com/thelongandtheshort/weeklymn-jun202025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/dd26d4e4-70ff-42bc-ba14-61c774f5d10a/Market+Recap+Banner.png The Long & The Short - Weekly Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/42bf651e-65da-4c5a-8612-f2baeb87534c/GS_LS+returns+YTD+.png The Long & The Short - Weekly Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://masterpiecehfs.com/thelongandtheshort/weekly-market-note06132025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/3190fe2e-0acd-44d6-ba88-f6ddb019d565/geopolitical+risks+surge+.png The Long & The Short - Weekly Note - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://masterpiecehfs.com/thelongandtheshort/j4ibub6trjif3gc86g07aiqeehbt5o monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/db1b40cd-c87e-42ca-b941-2279a920793d/chartpack+image.jpg The Long & The Short - April 2025 Chartpack - The start of April was a major “stress event” for markets. Hedge funds protected capital and some profited from the chaos, but those who remained defensive missed out on the subsequent relief rally. https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/ee272333-6b46-449d-addb-e27c7bf698ba/social+image+chartpack.png The Long & The Short - April 2025 Chartpack - Soft econ data reflected the uncertainty sentiment caused by Trump's policies, but hard data has yet to provide much visibility. Consensus now is leaning towards US economic stability over the medium-term. https://masterpiecehfs.com/thelongandtheshort/weekly-market-note052325 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/7f850a6d-f336-44ed-8b48-36168676461b/G+7+deficits.png The Long & The Short - Weekly Note - US Exceptionalism US government bond vigilantes are swarming and the latest “BBB” (Big Beautiful Bill) does little to dispel their worries. While US retail investors remain dip buyers under all scenarios, greater macro developments could create a tsunami that will quash their insatiable appetite for overvalued stocks. https://masterpiecehfs.com/thelongandtheshort/weekly-market-note05162025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/7a011b15-f5ce-4af4-9f75-37c4ad2cd9ef/easing+FCI.png The Long & The Short - Weekly Note - Loosening FCI, reversion to the mean A loosening of FCI signals the growing acceptance of Trump’s policies by the capital markets. The billionaire businessman’s pro-growth agenda can be made possible by a loosening of liquidity, especially if the Fed delivers rate cuts later in the year. However, this “cake-ism” of high growth, high liquidity and stable inflation will need a release valve. Macro managers continue to believe higher US long-term rates and a weaker dollar will be the ultimate consequences of Trump’s policies. https://masterpiecehfs.com/thelongandtheshort/weekly-market-note05022025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/5c81fc0b-03b4-420a-b4f4-e4d830189505/eur+vs+bonds+divergence.png The Long & The Short - Weekly Note - The times they are a changing Quant futures strategies struggled recently due to a combination of technical price reversals as well as a dislocation in typical economic relationships. The rally in the euro versus the US dollar cannot be explained by traditional interest rate differentials. A breakdown in this usual economic relationship highlights the global paradigm shifts occurring, which could significantly impact asset prices. . https://masterpiecehfs.com/thelongandtheshort/weekly-market-note04252025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/64fbd683-b1f2-41e7-850d-699d0b955f92/econ+uncertainty.png The Long & The Short - Weekly Note - The Uncertainty Slowdown Typically, government public policy is reactionary to economic developments and mostly errs on the supportive side. The current “crisis” is unusual because it is wholly man-made by the US presidential administration. As such, there are a wide range of outcomes that have little basis on economic fundamentals. Global market participants might be slightly jilted by the market volatility. However, the true impact of the US’s approach to global trade negotiations is being felt in the real economy where corporate CEOs are faced with little medium-term visibility and therefore are delaying many business decisions until clarity emerges. . https://masterpiecehfs.com/thelongandtheshort/weekly-market-note04182025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/3f7891fa-b5c2-4ea7-ae9b-d25362a370a6/mkt+vol.jpg The Long & The Short - Market Note - Elevated Market Volatility Hedge funds constantly engage in active risk management. A portion of the MTD losses are from hedges established post “Liberation Day” to protect portfolios against future equity market declines. Much of these risk adjustments have taken place allowing HF portfolios to better manage through this prolonged period of elevated market volatility. https://masterpiecehfs.com/thelongandtheshort/weekly-market-note04112025 monthly 0.5 2025-07-22 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/779e7ace-e92d-4884-a8e5-c96417eccbdf/govt+spending+vs+receipts+6mma+april+25.jpg+1%2C065%C3%97710+pixels.jpeg The Long & The Short - Weekly Note - The Fiscal Gap: US receipts and Expenses Adding more tax to foreign imports is forecast by the US presidential administration to help close the gap between spending and revenue. DOGE cuts have resulted in a modest improvement in the spread in March. However, US government spending on interest rate debt service payments remains an expensive cost. https://masterpiecehfs.com/thelongandtheshort/tariffs-specialweekly-market-note04042025 monthly 0.5 2025-07-08 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/23d93974-8304-4a56-80dd-ceba8dafad91/tariffs+image.png The Long & The Short - Tariffs Special_Weekly Market Note_04.04.2025 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://masterpiecehfs.com/thelongandtheshort/weekly-market-note03282025 monthly 0.5 2025-07-08 https://images.squarespace-cdn.com/content/v1/67d200621ae5f1359aee5ad1/849d6e3c-fb36-4f53-8e31-5f24377fabda/US+retail+buy+the+dip+in+EQ.png The Long & The Short - Weekly Market Note_03.28.2025 - BUY THE DIP! Purchasing the market winners of 2024 in recent weeks has been a natural response from US retail investors, who are accustomed to v-shaped recoveries in bull markets. This phenomenon has, in fact, revitalized the momentum risk factor, which has been outperforming lately. 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