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MI2 Partners: Thoughts From The Divide: Move Fast and Break Things

BY JON WEBB
We suspect many of our readers may have a passing familiarity with the work of Olivia Rodrigo. That’s not because we are popular with her fan base, but rather because we suspect many of our readers may live in close proximity to teenage girls. That’s certainly the case for TFTD, and yours truly was struck by how well the talented Ms. Rodrigo seemed to understand the problems of both pubescent girls dealing with first love, and senior WH officials as they deal with the collateral damage associated with their policies. 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 →

NDR Fixed Income Allocation Strategy January 2024 Update

BY BRIAN SANBORN
The NDR Fixed Income Allocation Strategy, Positioning Update Read more →
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