Few Understand This
Lead-Lag Live
00:00
The Opportunity Set Is More Than Just Signals
Last year was a strange year in that you had a devastating year for bonds. As long as credit spreads are tight, you don't have default risk. You're not going to have a VIX spike. People get obsessed with signals. It's ultimately also about the opportunity set and the cycle favoring the opportunity set. The fact that everyone says 60-40 is dead probably means it's about to have the greatest comeback since Lazarus.
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