Equity Market "Imbalances" Remain a Worry; Bond Investors Still Shunning Duration Risk
From multiples to margin debt, the equity market is highly unbalanced
Highlights
From multiples to margin debt, the equity market is highly unbalanced
Gold helps the Rosie Fund to a great year…
… with central bank buying a continuing upward push factor
Waller’s speech emphasizes falling private payrolls
Key Takeaways
Rosie Fund Shines Thanks to Gold: The slight dip in the 10-year T-note total return held the bond-bullion barbell to a +0.6% gain yesterday, but that was still a heck of a lot better than the -0.7% in the S&P 500 and -0.5% for the classic 60-40 asset mix. The diversified Rosie Macro Fund’s outsized exposure to gold/silver and the miners has allowed it to enjoy a +16.0% total return performance year-to-date.
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