"Money managers are not paid to forecast, but to adapt.”
"The question last month was no longer TACO (Trump Always Chickens Out) but WACO (Will the Ayatollahs Chicken Out?). That remains the case. The theocracy is more willing to compromise than thought, which is a big deal. But the rest of the world, and a protracted recovery for risk assets, is still in the uncomfortable position of relying on the leaders in Tehran.”
"The equity moves are usually much bigger than the currency. We believe currency moves get more bandwidth than what is justified.”
"Volatility separates the tourists from the residents. Investors who buy stocks because of a certain narrative can learn an expensive lesson about momentum.”
"The question last month was no longer TACO (Trump Always Chickens Out) but WACO (Will the Ayatollahs Chicken Out?). That remains the case. The theocracy is more willing to compromise than thought, which is a big deal. But the rest of the world, and a protracted recovery for risk assets, is still in the uncomfortable position of relying on the leaders in Tehran.”
"The equity moves are usually much bigger than the currency. We believe currency moves get more bandwidth than what is justified.”
"Volatility separates the tourists from the residents. Investors who buy stocks because of a certain narrative can learn an expensive lesson about momentum.”