It occurred to me that far to much time has gone by since I spoke with my BFF in these wild markets
, so today we had a proper chat to think through some of the near term risks and opportunities in the market, as well as some longer term views. Shrub laid out his Golden Age of Grift (GAG) and how he sees speculative rotations persisting in the near term. We also discussed how cheap protection remains as risks are growing acute and leverage explodes (I’m not sure we get through the next few weeks unscathed!)... And then we spent a lot of time talking about Brazil, and both agree that this is by far the most hated market anywhere and our greatest opportunity in 2025.Hope you enjoy and enjoy the rest of a restful weekend!
As always, kindly yours,
Paulo aka Cloudbear
