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The Dilemma of the Sector Rotation
In 2021, a lot of the leading stocks started to come under significant pressure. The major indices were holding up just fine. So if we were looking to short things like the SPY and the QQQ against that basket of stocks, it wasn't doing a very good job because we were seeing pressure on the underlying stocks but not a lot of benefit from the hedges. 21, 21 proved to be a difficult year for us Because of those aspects and those relationships that we were just describing.