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Alfonso Peccatiello: Three Principles To Successful Investing

Market Depth

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The Macro Narrative Behind the Brazilian Rail Against the Dollar

One of my top hedge fund clients reached out to discuss the portfolio that he was running ahead of Q2 starting in April. His book could be summarized by something along these lines. It was long the Brazilian rail against the dollar, long basket of industrial commodities and short bonds. Well, when I looked at this book, I ran some analysis and I told him that he was basically running one trade and that's very dangerous.

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