A better way to own duration - November Macro Snapshot
- Agency MBS: duration with extra margin of safety
- Homebuilders: at key support levels, still capital scarce
- US: Where we are tracking vs 1969-70 roadmap. Labor hoarding remains headwind to profits
- Eurozone: still recessionary, still disinflationary
- China: money market stress
- Fixed Income: dislocation = opportunity
- Equities: top down bearish, bottom-up contrarian dislocations
- Liquidity / Vol regime: rising “background risks”
- Commodities: political risks add to supply constraints
- FX: USD cyclically biased higher
Macro SnapshotTacticalCyclicalStructural
