3min chapter

The Macro Trading Floor cover image

A 2023 Global Macro Outlook | Alfonso Peccatiello & Andreas Steno Larsen

The Macro Trading Floor

CHAPTER

The Worst Trade of 2023

The best finfluencer in Denmark had, I think, just south of 70% of his portfolio allocated to Tesla by January 2022. He now has a bit less than 35% allocated to Tesla, and he's not sold anything. Well, the market is doing the selling for him. So buying bonds, obviously, from a risk adjusted perspective, has been one of the worst trades. A 10-year future on a total return basis in the US was probably the worst year or anyway, like 3% percentile worst year in 50, 70 years or something like that. But let me ask you, what do you think the three themes that people should focus on should actually be? And if

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