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Slowly Evolving

Market structure across most markets we follow continues to evolve slowly. In equities, some individual names have had large moves in response to earnings, but major sectors and indexes continue their halcyon grind upward. Many other markets, from Treasuries, to currencies, to grains, to metals are also undergoing periods of volatility contraction and consolidation. The right course of action for most market participants is to pursue a few exposures aggressively (we believe this is most critical in equity indexes), and to realize that many traditional measures of risk may understate the actual risks in times like this—assume that tomorrow’s volatility could be much larger than today’s and size exposures accordingly.............please open the attached PDF to read the entire 19 page report.

Download Slowly Evolving

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