Another month, another cascade of tariff drama; and once again, it’s dominating the macro landscape to such a degree that everything else feels secondary. Inflation, earnings, even geopolitical tensions are taking a backseat to the chaos emerging from the White House. However, given how much I’ve already covered in the March update, I will keep […]
The first quarter of the year was… intense—both in my personal life and in the markets. The markets took a hit, and I went through so many wild experiences that it feels like I aged thirty years in just three months. But honestly, it was well worth it. Typically, in my portfolio updates, I dive […]
The second month of the year tested the patience of every market practitioners: for the normies, because many retail-followed names crashed hard and the market dived; for the professionals, because we had to bear all of their hysteria on our timelines. And since the amount of panic I’ve seen these days reached levels not seen […]
Happy New Year, everyone! I hope you all had a great holiday season and that the year is off to a strong start for you. This month, I had an interesting realization: I actually have a clearer picture of the economy and markets when I don’t follow them too closely. As some of you know, […]
As 2024 comes to a close, it feels as though the year has passed faster than usual, bringing with it not only impressive market returns that I certainly welcomed but also a rich variety of narratives and themes that dominated the markets over the past twelve months. Yet, the guiding principle throughout it all was […]
Overall, November has been relatively quiet, and I apologize for this newsletter being shorter than usual. Unfortunately, there isn’t much to discuss this time around and I’d rather maintain a high standard of quality than pad the content with unnecessary words just to reach the typical length. Geopolitical tensions brought nuclear concerns back into the […]
As I immersed myself in intense study for the upcoming exam, the world seemed to speed up, flooding me with notable events—almost as if it conspired to distract me from my books. This month has been dense with significant developments, making it quite a challenge to distill everything into the newsletter. Ironically, while the newsletter […]
So many things happened this month that I struggled deciding what to include and what not to include in this newsletter: some weeks are so eventful that they feel like entire months of developments packed into a short time. The highlights of the month include a patriotic acquisition of Commerzbank, some monetary surprises, and a […]
We ended last month with markets in a state of panic, risk assets plummeting, and money markets irrationally pricing in an excessive number of rate cuts due to recession fears. If you recall from my previous Portfolio Update, I argued that this growth scare was an overreaction, assets were a buy, and the sharp price […]
Have you ever thought, “What a boring month this has been”? Fortunately, July was far from being classified as such. We could even title this month “The Return of Volatility,” as the carry unwind created some notable movements in the market. In other words, do you see the performance of JPY and CHF? That’s what […]
