Cheap Convexity

Back in February I put out a piece called the " Imperial Circle part 2, the feedback loop between rising US asset prices and slowing gl...

Sections: - Paradoxical world of global macro, short reflation and short spoos is not the same trade. - The European barbell, politics i...

A few thoughts on the current global macro environment: - Europe needs to step up. A barbell strategy could be the best way to play it. ...

Today the Fed made an excellent decision in expanding the list of CBs eligible to USD swap lines.  The point of this note is to try and clea...

The idea of this is not to say the world is ending, or that this is an economic forecast in any way. The point of this note is to offer a di...

This post will not be based on any specific trade ideas but rather on what appears to be one of the more dominant macro themes out there and...