Positioning Watch – How are markets positioned in inflation?
Like we mentioned in the first positioning watch of the year, holders of risk-assets have entered a slightly more cautious stance, and the classic...
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USD Liquidity Watch: Treasury Selling Due to Bank Reserves Influx?
There are signs of increasing liquidity stress in US Treasury markets again, but how is that possible during a regime of increasing bank reserves...
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Positioning Watch – Where to Find Value Currently
Markets have more or less traded sideways since the start of the year, as the risk-on party has taken a bit of a breather it seems, despite rate...
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Value Investing Substack Portfolio Review | Annual Letter 2023
Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022. This article is a repeat of...
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Positioning Watch – Risk aversion is back?
The latter half of 2023 was all about the soft (perfect) landing narrative, which made markets party like there was no tomorrow. It almost looked...
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