QOTD: Misdiagnosing Your Gains

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“No one made money after Dec 15th,” said the CIO. “People made their year between Nov 8 and Dec 15,” he continued. “But you better think very carefully about why you made money. Because if you misdiagnose why you made money, you may not understand how you can continue to make money.” The Trump trade had started well before Trump won. Infrastructure stocks had been flying. Inflation swaps had bottomed during the summer, and were trending strongly higher. “This whole trade is about chasing interest rates higher, nothing more.”

- Eric Peters, One River Asset Management

wknd notes

Eric’s source is echoing something I’ve been saying since the beginning – rates were already running higher into early November and the end of the election’s uncertainty merely accelerated what was already a trend in-force. All this “Trump Trade” nonsense is getting tedious at this point.

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