Seeking Singularity – April 2020 Performance Report & Fact Sheet

In our April performance report we look back on an impressive market rally, continuing the bounce that started on March 24th. The Singularity Index outperformed its benchmark, the MSCI AC World Index, and gained +11.9%.
BY GREGORY HUNG

In our April performance report we look back on an impressive market rally, continuing the bounce that started on March 24th. The Singularity Index outperformed its benchmark, the MSCI AC World Index, and gained +11.9%.

We also reflect on the rather gloomy global GDP predictions, put the strong comeback of the stock markets into perspective, map out possible scenarios following a gradual reopening of economies back to pre-crisis conditions, and analyze what’s priced in.

Please find the full report here.

TSF Factsheet APR 2020 EN

Other posts

Is The Market Facing A Flashing Yellow or Red Light?

BY TEMATICA
Market Wrap Despite what can be described as an Oprah Winfrey-level amount of tariff… Read more →

Thoughts From The Divide: A Giant Global Margin Call

BY JON WEBB
It’s possible to read too much into things. Consider it a flaw in our nature. But when we are told the “Worst of market sell-off might be over but hold on tight”, we can’t help but wonder about the hedged language. After all, if Goldman sees recent price action as prompted by a “giant global margin call”, surely the sell-off is an opportunity? Apparently not, as the GS note in question suggested that the flows they have seen were not consistent with “a ton of selling”. Is this diagnostically useful, and if so, in what way? If forced to offer an opinion (and we are), we would agree with GS that volumes have certainly not been indicative of capitulation. In fact, recent volatility might be better thought of as evidence of preternaturally low levels of liquidity. That in itself begs the question of why liquidity is so poor. August doldrums, or evidence of a Potemkin market? Read more →

MI2 Partners Thoughts From The Divide: “An offshore appropriation”

BY JON WEBB
Last week (“TFTD: Personnel is Policy”), we discussed whether the Trump administration was looking to correct the unforced error of Trump’s first term by focusing on placing Trump sympathizers in as many key public sector positions as possible. With this in mind, the appointment of EJ Antoni to the BLS is instructive, because of Antoni’s association with the Heritage Foundation. “Within hours of Trump’s announcement, economists from across the political spectrum were questioning whether the nominee’s résumé, record, and recent remarks pointed to a commitment to the data — or to the person who appointed him.”  Read more →
Back to all posts →