In this clip from today’s edition of The Macro Show, Hedgeye CEO Keith McCullough breaks down why holding cash versus investing in other assets (which are priced in cash) has been a terrible call for the last year. He highlights why chasing narratives is a fool’s game, and how booking gains and then re entering positions is an effective investment process.
"People are like 'Oh, the $USD chart looks good.' Against what? Not Bitcoin. Remember Bitcoin at $64,000 is in Dollars. On a year-over-year basis, from when we made our #Quad2 call in November 2020, the Dollar is literally [up] zero. Being in cash is the most asinine position anyone could have.”
"If you're a real pro, and you did have that position, you would say 'I look like an asshole.' For a full year, you have missed some of the most epic asset allocations you could've made (in Dollars.)"
