The other day I was reading the first newsletter I sent, back in August 2022, and I was surprised by how generic it looked like, and it made me smile to see how much I’ve progressed in just 12 months of disciplined focus. This progress wouldn’t have been possible without the opportunity to engage with […]
The portfolio update you’re reading right now it’s the first anniversary of this newsletter: I couldn’t be happier seeing how it grew and improved over the year. I started to publish my portfolio updates last July as a way to express some thoughts about the market in a longer and richer form than Twitter or […]
I am thrilled to see both this newsletter and my Twitter profile steadily growing every day. However, I must address recent changes in Twitter’s algorithm, which have made it more challenging to share articles and newsletters. As an example, while my tweets usually reach around 2,000 impressions, those containing external links or the word ‘newsletter’ […]
United States The month of May started with a very weak JOLTs report, which showed us some weakness in the labor market. However, the report has been unreliable more often than not lately, and the market wrote it off as such. In hindsight, it was right in doing so. Indeed, despite the initial jump higher […]
The past month was a curious one indeed, with little in the way of notable news or events to speak of. However, this did not stop the financial markets from experiencing a flurry of activity, particularly in the world of stocks. Investors were quick to jump on any fluctuations in sentiment, causing the bulls and […]
In 2022, the closest thing we had to a systematic risk was the pension crisis in the UK: it caused a lot of heartburn to investors, but it was rapidly solved. However, that was nothing compared to the “March Madness” we got this year. Let’s start with what contributed the most to general chaos: bank […]
February started off with the FOMC, which I expected it would have delivered 50bps and hawkish remarks: I couldn’t be more wrong. In a very disappointing turn of events, not only the hike was a mere 25bps, but the presser showed us the softest version of Powell we’ve seen in a long time. Indeed, during […]
The year started in the most boring way possible, keeping us all in a tight range in what seemed the unbreakable wall at 3850 until it violently broke to the upside. As of January 27th, the S&P 500 was at the same level it was back in August when the famous Jackson Hole speech was […]
Foremost, happy new year, everyone! I hope you spent the holidays eating lots of delicious food, spending time with loved ones, and getting some much-needed rest and relaxation. I wanted to take a moment, before delving into what happened in the markets, to express my sincere gratitude for your loyalty and dedication to reading my […]
Over the month, my portfolio remained neutral in terms of market exposure until its second half, when I started buying my shorts again as I thought the bear market rally was close to an end. However, prices continued to climb up higher, the implied volatility declined and the value of the dollar, especially against the […]
