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Takeaway: Our Macro Playbook is a daily 1-page summary of our core ETF recommendations, investment themes and proprietary quantitative market context.

CLICK HERE to view the document. In today’s edition, we highlight:

  1. Why we think you should remain as defensive as you can within the context of your investment mandate
  2. What would get us to back away from our bearish view(s)... as opposed to getting more conviction on the bearish side as we are doing today
  3. Drawing the line in the sand on small caps; we think that equity style factor remains a bubble that is in the process of blowing up

NOTE: Going from ~80% net long to ~60% net long does not qualify as "downside capitulation" in our playbook. Remembering who else is in the "pool" with you is definitely something to keep in mind as you attempt to risk manage the immediate-term volatility of the equity and credit markets. We have gone over the waterfall...

Best of luck out there,

Darius Dale

Associate: Macro Team