October, 20, 2024, Vol. 197
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De-gross, De-gross, De-gross…
Almost three months ago, we noted KEDM was in full harvest mode, as we culled the herd and moved to center-book. We even pruned some center-book names—though, our focus was on purging anything illiquid, stuff we’d be hard-pressed to sell in a real correlation-1 scenario. We wanted to de-gross in a major way. Admittedly,…
Get long Wall Street Bets…
We want to be long the businesses that are best poised to profit from the coming inflationary regime and we’ve been studying past inflationary cycles to see what’s worked best. One seemingly obvious theme that we’ve found across different inflationary regimes is an increased appetite for speculation. As their purchasing power deteriorates, people consistently turn…
This Market Feels Spooky…
We’re increasingly of the view that we may now be approaching a rough patch, possibly even the end of the road in terms of this economic cycle (March 2020 to fall 2024??). In our careers, near the top, every investor always says something baggy like… Given the “Project Zimbabwe” framework at play, that fall may…