Macro & Volatility™ #30: Operation Epic Earnings

Macro & Volatility™ #30: Operation Epic Earnings

* Equity rally is fundamentally earnings-driven, not war “denial” * Excessive hedging mispriced the upside * Bonds are selling off because inflation is shifting from short-term to structural

Macro & Volatility™ #29: Foolin'

* Convexity conundrum: diversifying assets didn’t work * Commodities are not tariffs and cannot be altered at the stroke of a pen * Tape bombs are having diminishing impact

Macro & Volatility™ #28: How has Operation Epic Fury affected the fear indices?

* More about rotation than direction * Bonds are still not protecting * Implied correlation / VIX is at a record low

Macro & Volatility™ #27: Seismic Activity but No Real Fear

* Healthy correction in gold and silver * Higher nominal rates globally * Warsh’s impact on the MOVE and VIX

Macro & Volatility™ #26: "Love Vigilantes" - New Order

* Ready, Shoot, Aim Fed * Misunderstanding of Oracle CDS * Welcome back to the ‘90s