Macro Regime Indicator – Growth is the dark horse in July..
Coming into June, we wrote that the biggest “risk” was that we moved towards a goldilocks scenario. While our portfolio returns have mostly...
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Energy Cable: Increases in freight rates not transferring into goods inflation (for now)
Greetings from Copenhagen! We’ll take a look at freight rates, copper, and crude from an inflation angle. But before we do that, let’s have a...
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Energy Cable: Bullish Oil, Bearish Nat Gas, and Especially Metals! Here’s Why!
We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish. The...
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Fund Managers Reduce Commodities Again
Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.
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Be Careful Precious Metals Bulls & Tailrisk Secular Inflation
Be Careful Precious Metals Bulls Another friendly reminder that positioning in copper remains super speculative bullish - aka, there is much room...
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