3 Aug 2023
US interest expenses have surged by about 50% in the past year, to nearly $1 trillion on an annualized basis
Source: Lisa Ambramowicz, Bloomberg
3 Aug 2023
Note that US Sovereign risk (aka CDS on 1-year US Treasury) was completely unmoved by the Fitch downgrade.
Source: Bloomberg, www.zerohedge.com
3 Aug 2023
Treasuries haven’t been this ineffective as a stock hedge since the 1990s. The one-month correlation between the two assets is now at its highest reading since 1996
Source: Lisa Abramowicz, Bloomberg
3 Aug 2023
Who is left in the AAA club? (the US is now split-rated AA+)
Source: Jim Bianco, Bloomberg
3 Aug 2023
The survivorship bias
It is a sample bias that occurs when we assess only successful outcomes and disregard failures. See below example with strikes on returning and non-returning planes during WWII Source: Mnke Daniel
3 Aug 2023
Hedgeye about investors going nuts (do they?)
Source: Hedgeye
3 Aug 2023
The US bond Market has now been in a drawdown for 3 years, by far the longest in history
Source: Charlie Bilello
2 Aug 2023
The top 3 country ETFs in 2023:
1) Nigeria $NGE: +48.3% 2) Greece: $GREK: +47.5% 3) Argentina $ARGT: +38.7% Source: Charlie Bilello
