The Song Remains the Same with Alfonso Peccatiello of The Macro Compass
RiskReversal Pod
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The Bear Market and the Stock Market
In 2001, the Federal Reserve cut interest rates by 475 basis point in a year. S&P dropped another 12% that year because earnings were collapsing. This is the same story. Do you remember the higher for longer narrative of February? I mean, we were never going to cut rates. Buying, co-option on TLT, buying bond optionality basically to protect your portfolio was as cheap as it could ever be.
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