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Lead-Lag Live
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The Biggest Lesson You Can Learn From 2022
Last year was the first time in history that long duration treasuries failed as the quote unquote flight to safety trade. It just didn't counter equity volatility in the top 20 drawdown for stocks. But there's another lesson which we could be finding out in 2023, which is that all the lessons around 2022 are actually false. We had a duration crisis last year and we probably have a credit crisis this year. So when you have people conditioned to think that stocks will keep going lower, that is fuel for a melt up.
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