Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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So now it's APR of 2021 and everything from HIGH to LOW SHORT INTEREST and SMALL to LARGE CAP… and HIGH to LOW BETA… are working higher, all at the same time… and, in astonishment, the consensus bears are way behind their bench. The bench = the benchmark market return that many have to beat in order to get paid (i.e. SPX +8.5% YTD). I personally don’t have a bench. If I did, I’d be lucky to bench ½ of what I benched in 1999. And, yes, that makes me different. And, yes, that’s ok. Because I can chirp on Twitter all day long and write you these rants. If I was my former big time self, running my hedge fund, I’m pretty sure my 2021 YTD performance would suck. That’s because the last time I ran a hedge fund book was 2007, when being Factor Aware didn’t matter like it does today. |
