time to increase focus on capital preservation
Learned so much, thank you for sharing!
Excellent analysis. Thank you for sharing!
Very clear and helpful post, focussed and practical. Thanks very much!
Very very very nice letter, congrats!
for the earnings lead indicator, I agree this plays out for S&P 500 ex secular growth tech, but do you think the inputs capture that increasingly important cohort of stocks? Only other observation, real rates are still -70bps on 10yr yield, yet growth software has derated from 25x to ~15-16x implying real rates closer to zero. Do you think there is a recovery trade worth expressing in profitable secular growth?
Brilliant work! Thanks for sharing
Ok, this is going to sound peak lazy. HQGC, no one stop shop etf or index to play this strategy? Or are we going to have to crunch some numbers? Great read as always.