February – Sea-Change

The February market movements were a sea change to the trading environment that held for over eighteen months. The euphoria of January, arguably driven by FOMO (fear-of-missing-out), transformed abruptly into something entirely different. We no longer live in a low yield, low volatility world. There is currently no moniker for the present regime—an increase in volatility across all asset classes accompanied by a significant correction in most trends—but let’s go with FTP (follow-the-tape) for now. What should be most troubling to portfolio managers and investors is the correlated loss across asset classes for the month—the best performers were Cash and the USD.

View Investment Letter

Member Login

Forgot Password?

Join Us