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February 2nd, 2019
Easing flowing through this week, weaker dollar, higher prices…
Everybody helping, rowing in the same direction.
Earning were strong for rich and growing tech empires. Pricing in more upside.
While the curve has no more tightening. Not a basis point to be seen.
So we bought inflation through the curve, and sold some fluffy tech.
Two world’s, and while one can’t know which, you gotta buy those tails.
Which then bring’s up that fateful question, of how to fund the carry.
So hold your nose, and buy that beta. Maybe even sell a little vol.
Just try not get caught, in one of those “2x1”s.
Those guys never end well.