Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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In other words, if your team or portfolio is Long NASDAQ vs. Short FTSE and/or European stocks, #WellDone. FTSE down again this morning and down -4.2% in the last month – Italy down too (MIB Index down -4.7% in the last month) and Spain is a bloody mess. There’s lots of alpha to generate on the long/short side of Global Macro Country exposures – Long China vs. Short Europe has been a beauty too. Post a 2-day correction, the Shanghai Comp was +0.5% and I remain long of the KBA (A-Shares) in my PA. If your average (and “believe me”, their longer-term Full Cycle Investing returns are below average) Old Wall portfolio manager “can’t go there” on China or Long Commodities, that’s fine. For your family’s hard earned wealth, you can. |
