New thread available for consumption! Coming up: A look at liquidity
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Concoda is reluctant to chase and still thinks the rally has been driven by liquidity and structural forces over fundamentals. We're sticking with…
Model estimates for Q1 2023 now live

January 2023

Sneak peek of our next piece (which was delayed due to personal reasons, sorry!)
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Next thread will drop over the weekend...
SOFR fails to climb above the ON/RRP rate, which likely won't tempt leveraged bond financiers. Yet, the RRP's level has reached short-term lows. Other…
In case you missed it… One of the Fed’s governors has suggested the Fed-implied point of instability when it comes to reserve balances ($2-$2.5 billion…
Our next piece will be "money market" themed. Stay tuned...
After awful economic fundamentals coincide with decent liquidity fundamentals, we remain short. Our growth model keeps falling while our SM is…
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Credit spreads narrowing? Emerging market implied vol collapsing? VIX compression prompting systematic buying? Concoda must question the bear thesis…
As the transitory goldilocks economy emerges, there's little tightening in money markets. Reserves up by almost 9% and TGA down by 10%. Meanwhile, bond…
Risk is to the downside on equities, but expect buying from vol strategies after implied was crushed yesterday. Vol will likely rally into the most…
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