Below is a brief excerpt transcribed from Friday's edition of The Macro Show hosted by CEO Keith McCullough and Director of Research Daryl Jones.
The commodities, foreign currency, and bond markets didn’t give a damn about what happened in the long/short hedge fund community of America.
Just to be clear, the economic conditions didn’t change. People’s economic realities (at least for certain funds or individuals) changed.
But the game doesn’t care about that.
The game is very good at getting rid of the weak, and giving performance points to the strong – and that’s what you’ll continue to see.
Corn for example – who’s long corn, other than Hedgeye?
I haven’t seen anybody, really. We started getting long corn (commodities and agriculture in particular) back in June. Corn is up another 1.4% this morning, and almost 70% since we said inflation would be accelerating.
Again, inflation accelerating is crystal clear.