Below, please find subscribers’ Q&A for the December 11 Mad Hedge Fund Trader Global Strategy Webinar, broadcast from Lake Tahoe, Nevada.
Q: I was assigned options—called away on both my short-call positions in BlackRock (BLK) and Bank of America (BAC).
A: What you do there is call your broker and exercise your long to cover your short; that should get you 100% of the profit 10 days ahead of expiration, and that is the best way to get out of that position. If you get hit with the dividend, then you're at break-even on the total trade. The way to get around this is you have 10 positions, including several non-dividend paying positions, so you don't have a call-away risk. You really only have about a 1 in 100 chance to get called away, so it's worth doing. If the worst case is you break even, the best case is you make 15% or 20% on the position in a month. That is worth doing.
Q: What do you think of the situation in Syria?
A: We don't know. For us, it's a huge win because it eliminates the last Russian position in the Middle East. They have lost Egypt, Syria, Iraq, and at one point Algeria—so they have no more positions in the Middle East. They lose all their air bases, military bases, and naval bases in Syria, and they also lose their only warm water port in the Mediterranean. It happened because they couldn't afford to draw troops away from Ukraine to help support Syria. Given the choice between Syria and Ukraine, they'll pick Ukraine. It is another argument for the US to maintain support for Ukraine.
The trouble is in the Middle East, whenever you get a chance, you often end up getting somebody else that's worse. Did we just trade one terrorist for another one? We'll have to wait and see. Fortunately, this war didn't cost us any money. It cost Russia a lot. We had no troops in Syria and no weapons commitments, so we got off easily on this one. It’s probably the most important foreign policy achievement of the last four years.
In the meantime, we're destroying all their weapons stockpiles, just in case the new people coming in are bad guys. We'd rather not wait until after they identify themselves as bad guys—we might as well destroy all the weapons now while nobody is defending them. So, as I speak, we're destroying weapons stockpiles for its ships and rocket facilities. Also, this is a huge loss for Iran because they lose easy sea access to Gaza. They used to just truck weapons to the coast in Lebanon, put them on a boat, and send them to Gaza. Now, they have to go all the way around Africa to supply Gaza. So basically it's a huge win for us, and I'll write more about that in the Monday letter.
Q: Do the spread positions need to be actively closed out to achieve profits?
A: No, they don't. You don't have to touch them. That's the beauty of these positions. All ten I expect to expire in the money at maximum profit point, and on the following Monday morning opening, you will find that the margin is freed up, the cash profit is credited to your account, and you're in a 100% cash position. So don't do anything, even if your broker will tell you to individually buy and sell the individual legs and wipe out your profit. I sent out a research piece on this today about how to handle when calls are called away.
Q: I sold BlackRock (BLK) last week because Schwab called and warned me I could owe $6,000 due to the dividend. They did not suggest I close my long position.
A: Again, it goes back to how to handle option call-aways. The only reason they call you is to eliminate any liability for Charles Schwab because, in the past, people would get options called away, they'd say my broker never told me, and they sued the broker. So, the reason they emailed you and called you with warnings is to avoid liability for themselves. In actual fact, only 1 out of 100 different options actually get called away. It's done randomly by a computer, and you're far better off holding the position. And then, if you do get called away, use your long to exercise your short. It's a perfectly hedged position, so you have no actual outright risk. The only real risk is if you don't check your email every day and you don't know you've been called away, so you don't call your broker to exercise your long to cover your short.
Q: Do you envision other countries trending towards more tariffs? How would that affect global growth?
A: Any time we raise a tariff on another country, they're going to raise by an equal amount, and it becomes a perfect growth destruction machine. That's why every economic agency in the world is predicting lower growth for next year.
Q: Why are stocks so expensive? Can the high prices be an impediment for new investors to participate or not?
A: It's obviously not an impediment because we're at an all-time high, and we keep going to new all-time highs. Most investors, not just a few, are still underweight stocks, and they're chasing the market. I predicted this would happen all year basically, and now it's happening, and we're 100% invested in making a fortune. So that's what happens when you make big predictions far into the future, and they happen.
Q: What do you think about meme stocks like GameStop (GME)?
A: Don't bother with the meme stocks like GameStop when the good stuff like Tesla (TSLA), Meta (META), and Amazon (AMZN) are going up like a rocket. Why buy the garbage when the high-quality stuff is doing well? And, of course, most of the people buying that stuff, the meme stocks, are kids who don't know what the good stuff is, but they'll find out someday.
Q: If you like Japanese cars, what do you think of Korean cars and, therefore, those companies’ stocks?
A: I don't like them. When you take your Tesla in for a service, sometimes you get a KIA in return. Ouch. You can literally hear every bolt rattle as you drive down the freeway, and you leave behind a trail of parts; the quality difference is enormous.
Q: How do you determine the limit price on spread trades?
A: I don't like making less than a 5% profit in a month. It's just not worth the risk. So let's say if I do a trade alert at $9.00, I'll create a spread of, say, $9.00, $9.10, $9.20, $9.30, $9.40, and that's it. We tell people to not pay more than $9.40. Before we told people not to do that, they used to buy at market, and they would end up paying $10.00 for a $10.00 spread, and it is absolutely not worth it. That is the reason we do that.
Q: Ihave trouble getting your recommended price.
A: When we put out a trade alert, and 6,000 people are trying to do it at once, you'll never get the recommended price. You may get it at the close because a lot of the high-frequency traders that pile into these positions and pay the maximum price have to be out of that position by the end of the day, so they often dump their positions at the close. And if you just leave your limit order in there, it'll get filled. If it doesn't get filled at the close, it will get filled at the opening the next morning. So that's why I'm telling people on every alert now to put in a spread, put in good-until-cancelled orders, and most of the time, you'll get some or all of those orders done. That is a good way to make money; if you don't believe me, just go to our testimonials page (click here), where hundreds of people have sent in recommendations on their experience.
Q: What do you think about crypto here (BITO)?
A: I wouldn't touch it with a 10-foot pole. The time to get involved in crypto was when it was at $6,000 two years ago, not at $100,000 now. And when the quality is trading and rising up almost every day, why bother with crypto? You'd never know if your custodian is going to steal your position. And by the way, if anyone knows an attorney expert at recovering stolen crypto, please send me their name because I have a few clients who took someone else's advice, invested in crypto, and had their accounts completely wiped out.
Q: Should I bet big on oil stocks (USO) because of the possible deregulation starting in 2025?
A: Absolutely not. “Drill, baby, drill” means oil glut—lower oil prices, which is terrible for oil companies, so you shouldn't touch them. The only plus for oil under the new administration is they'll probably refill the Strategic Petroleum Reserve in Texas and Louisiana from the current 425 million barrels to 700 million barrels by buying on the open market and enriching the oil companies.
Q: Would you sell long-term holds in pharma stocks?
A: No. If it's a long-term hold, your holding will survive the new administration. They'll probably go back up starting from a year going into the next election unless they find ways to deal with the current administration. But if you're in the vaccine business and the head of Health and Human Services is a lifetime anti-vaxxer, that is not going to be good for business, no matter how you cut it, sorry.
Q: Why is Walgreens (WBA) doing so poorly?
A: Terrible management and too late getting into online commerce. The service there is terrible. Every time I go to Walgreens to get a prescription filled, there's a line a mile long. It seems to be a dying company. Someone actually is making a takeover offer for the company today, so I would stand aside on that.
Q: Is Tesla (TSLA) risky?
A: Any stock that's tripled in four months is risky. But the rule of thumb with Tesla is that it always goes up more than you expect and then down more than you expect. Here is where high risk means high reward. My $1,000 target is now looking pretty good.
Q: If you're receiving Global Trading Dispatch, do you get the stock option service?
A: Yes, every trade alert we send out gives you the choice of a stock, an ETF, or an option to buy to take advantage of that alert.
Q: The EV stock Lucid (LCID) just got an analyst upgrade, but the chart looks terrible. Should I buy this cheap stock?
A: Absolutely not. Never confuse “gone down a lot" with “cheap.” Lucid only exists because it's supported by the Saudi royal family. They own about 75% of the company. They have no chance of ever competing with Tesla. Period. End of story.
Q: I have LEAPS on Google (GOOG), Amazon (AMZN), and Microsoft (MSFT). They expire in January, February, and March.
A: I would keep all of those—those are all good stocks. I expect them to keep rising at least until January 20th. After that, the Trump administration may announce antitrust actions against all three of these companies, but you'll probably have most of your profit by then. So from here on, if I had longs in all of these companies, I would definitely run them over the holidays because you'll probably get another pop sometime in January.
To watch a replay of this webinar with all the charts, bells, whistles, and classic rock music, just log in to www.madhedgefundtrader.com, go to MY ACCOUNT, click on GLOBAL TRADING DISPATCH, TECHNOLOGY LETTER, or JACQUIE'S POST, then WEBINARS, and all the webinars from the last 12 years are there in all their glory.
Good Luck and Good Trading.
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
Below please find subscribers’ Q&A for the May 15 Mad Hedge Fund Trader Global Strategy Webinar, broadcast from Incline Village, NV.
Q:Is it time to get out of the 94/97 (TLT) spread?
A: No. We're getting close to a stop, but I think markets will peak out in the next couple of days and we can get out with a small profit. The weak PPI/CPI/Nonfarm, payroll was a game changer. So watch carefully as always. I could have come out of that with 2/3 of the profit last week, but who knew the market would go up 10 out of 11 days?
Q: What are your thoughts on meme stocks? I see that GameStop (GME) is up 550% in a week.
A: This is not investment, it's pure gambling. And if you do want to gamble, there are much better games to play than meme stocks. For example, Blackjack gives you a 51-49% risk in your favor, and slot machines are not too far off at 55-45%. This is not the same meme stock run that we had three years ago. Back then, the short interest in (GME) was 125%, which is more than the outstanding shares that existed. People are still trying to figure out how that happened. Now, the short interest is only 20%, so this may peak out a lot quicker than last time. In any case, it’s a totally random movement. It's just for kids to do because if kids lose all their money, they can start over again and still have enough money to retire. Chances are if you lose all your money, you won't have enough money to retire, so just another reason to stay out of meme stocks.
Q: I'm noticing the REITs are beginning to make a comeback. Can you comment?
A: They've actually been on a terrific run the last several weeks. Some of my favorites like Crown Castle Inc. (CCI) have had really big moves, and this is just the beginning of a major upside; and not only REITs, but all interest rate plays, and it turns out almost everything is an interest rate play when you look at it. Utilities, secured loans, junk bonds—it's a huge universe. So that's why I say buy everything; everything that's going to go up at all is especially positively affected by lower rates, especially precious metals—gold and silver. And when things go up, the definition of a precious metal expands. It now includes copper, palladium, and platinum, which has had an enormous run.
Q: Can we expect a recession to hit in 2025?
A: Absolutely not. We're in the early stages of a golden age of a decade, of appreciating assets of all kinds; not only stocks and bonds, but real estate, collectibles, baseball teams—you name it. So don't leave the game after the first inning, to use a baseball metaphor. And for you foreigners out there who know nothing about baseball, that means don't leave too early.
Q: Is the housing market overvalued in the US?
A: Good question, you'd certainly think that if you're out there trying to buy a house (and I've been shopping myself lately). The answer is absolutely not. It may be overpriced in the most expensive US markets like Manhattan, Honolulu, Hawaii, or San Diego, but it's still a fraction of what you have to pay in Hong Kong, Australia, or Vancouver, Canada. So prices can go a lot higher. Remember, we have a structural shortage of 10 million homes in the US and they’re not building new ones fast enough. They could double in price from here, especially if the Fed starts to cut interest rates, which they have promised to do. I think we're on the verge of another big housing boom, which will create more home equity, and guess what happens to that home equity? It eventually ends up in the stock market. It becomes a virtual love fest with housing prices making stocks go up and stocks making housing prices go up.
Q: Would you consider Bitcoin now?
A: Absolutely not, especially when you can buy things like Wheaton Precious Metals (WPM) and Barrick Gold (GOLD), which will probably double in the next year and actually have real assets with real earnings flows. With Bitcoin, you're essentially buying ether, and the time to buy Bitcoin was at $6,000, not at $60,000. You don't buy stuff after it's gone up 10 times. So again, just from a market timing point of view, it's a terrible idea. So there are better things to do. You can buy high-quality stocks at reasonable multiples right now.
Q: Is Airbnb (ABNB) a buy here?
A: I would. It is the world's largest hotel in an economic recovery. There's a huge demand for hotels and revenge travel. They're also branching out into higher-margin items like experiences. So yes, I do love the company and the quality of its management for sure.
Q: Markets are all-time high. Should I sell in May and go away?
A: Only if you're a short-term trader. If you’re a long-term investor and you sell now, I guarantee you'll miss the next bottom to get back in. So for short-term traders, yes, take profits like crazy—markets are way overbought. They either need some kind of correction or flat-line move for a period of time.
Q: Is buying American farmland a good investment for buying an index fund?
A: Well, if you look at the big portfolios of the great wealthy names like the Rockefellers, the Duponts, and all of my former clients at Morgan Stanley basically; they have loads of farmland and loads of forests—lots of forests. In fact, forests are trading at a big premium right now. It's considered the world's safest long-term asset. And as long as you don't have debt on it, it always goes up in value over time. So yes, that is a good investment. US farmland is the most productive in the world, and the number of people in the world isn't shrinking. In fact, the main reason China will never start a war with the US is because they're dependent on the US for about half its total food supply. So that's why I can always ignore all these China or Taiwan invasion warnings.
Q: Should I take a look at defense stocks?
A: Absolutely, yes, thanks to the invasion of Ukraine. Virtually every country in the world that has any money is expanding defense spending. This is not a short-term thing. Defense is a very long-time lag industry. When countries like the US buy planes, it's often for ten or twenty years, and then you have the upgrades to follow that, and third-country sales. So the big stocks are Lockheed Martin (LMT) and Raytheon (RTX). I would buy both of those on the dips. They have already had good moves, but what hasn't? Though there are not a lot of bargains left in this market after a heroic six to seven-month run.
Q: Is the webinar recorded for replay?
A: Yes, just go to our website madhedgefundtrader.com. Log in, go to My Account, and you'll see the opportunity to review the video of this presentation.
Q: Is it time to buy Google (GOOG)?
A: Yes, I think we're on an uptrend that continues for the rest of the year, and Google will keep leaking out its advantage in AI in bits and pieces. I saw the video you were talking about; you just leave the phone’s video on all the time, and then you could say, “Where are my glasses?” and it'll tell you where your glasses are: “You left them on the table in the dining room.” That's one of the many millions of applications we will see.
Q: Thoughts on Tesla (TSLA)?
A: We're trying to put in a bottom here. Get ready for the buy alerts—I think on the next plunge down I may actually jump in. We still have a very high volatility, and you have plenty of great pickings in the options market with high implied volatilities.
Q: Where are we on refilling the strategic oil reserves (USO)?
A: Biden made no effort to refill them. They were about at half-full levels when we hit the bottom last time, so maybe he will next time. I think he's more interested in just getting out of the oil business altogether, moving to alternative energy, and getting rid of the strategic oil reserve since we are now a net energy producer, net oil exporter, the world's largest oil producer in the world. We don't really need emergency reserves like we did in 1970 when these were first set up.
Q: Sometime back, you said to avoid miners of precious metals. Is that still your opinion?
A: No, I think we're in a position now where the miners can start to catch up with the metals. In the beginning of the year, it was clear the metals were going to outperform the miners because the miners were seeing their margins cut by high inflation. That's still the case. My first choice is still the metal, but you could get a big catch-up trade in the silver and gold miners. So, as I keep saying, buy Barrick Gold (GOLD) and (WPM).
To watch a replay of this webinar with all the charts, bells, whistles, and classic rock music, just log in to www.madhedgefundtrader.com, go to MY ACCOUNT, select your subscription (GLOBAL TRADING DISPATCH, TECHNOLOGY LETTER, or Jacquie's Post), then click on WEBINARS, and all the webinars from the last 12 years are there in all their glory
Good Luck and Stay Healthy,
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
GameStop (GME) and AMC (AMC) shares taking off like a bandit from a bank heist is highly advantageous for tech stocks.
Everyone who owns tech stocks maybe doesn’t know that but won’t complain when their shares go up.
This aggressive price action clearly signals to the rest of the stock market that monetary policy is way too loose.
Yes, and I am saying that at Fed Fund rate sitting at 5% today.
It’s a tough job to reign in the inflationary genie after it’s out of the bottle, and the liquidity sloshing around that overflows into a high inflation backdrop means that prices trend up.
That also goes for tech stocks.
Much of that liquidity has found its way into growth tech stocks like Nvidia (NVDA) and Super Micro Computers (SMCI).
It’s also found its way into marginal tech companies like Gamestop and meme movie cinema stock AMC.
Capital wouldn’t be allocated this poorly into mediocre stocks if there was a tighter cap on liquidity which there isn’t.
It was only just the other week in which the US Central Bank slowed the pace of asset run off to their balance sheet which equated to yet another injection of quantitative easing for tech stocks.
What does that mean?
In the short-term, tech stocks are off to the races.
This is a side effect to the easy money policies resulting in 100% moves in AMC and GME.
It’s almost laughable but that is the world we live in.
The moves higher in both stocks, which have since been followed by several trading halts and subsequent paring of gains Tuesday, came after the reemergence of Keith Gill, also known as "Roaring Kitty," whose bull case on GameStop ignited the meme stock rally back in 2021.
Every bull market has its share of excess and mini bubbles, but this only becomes dangerous when it becomes widespread.
Even if interest in ‘meme’ stocks rebounds following a renewed surge in GameStop’s share price, it doesn’t mean that we are at the end of the tech sector’s Bull Run.
It does mean we are very late in the tech cycle, but honestly speaking, we have been late cycle since 2019.
It’s so late that tech companies now have to issue dividends to keep investors onboard.
They used not have to do that because they were growing so fast.
Sometimes tech stocks don’t sell themselves and this is a period when that is so.
The almost 5 year late cycle action has meant that tech stocks are a good bet in the short-run and the underpinnings to this rally has been fortified due to AI mania that has engulfed many of the best and brightest of tech.
Stocks like GME and AMC shouldn’t be experiencing 100% gains in days in this part of the late cycle, not because I don’t like these companies, but because their business models don’t support such price action.
Gamestop sells video games at the mall.
AMC has a failing movie theatre business.
My take from it is that the tech Bull Run is alive and well in the short-term and there is definitely enough capital to stage a summer tech rally.
BlackRock (BLK) investment fund was the first asset manager to surpass $10 trillion in assets held as the US Central Bank fueled the largest asset bubble created in human civilization.
That was a great achievement.
This is also why the CEO of BLK Larry Fink, as of April 2022, is worth an estimated US$1 billion according to Forbes Magazine.
Not too shabby.
Fast forward to the end of 2nd quarter of 2022, BLK was the first to lose $1.7 trillion in assets in the first half of 2022 when the tech market nosedived.
The monumental loss has resulted in some unique unintended consequences that have now manifested in BlackRock migrating into crypto by teaming up with Coinbase on a product designed to help institutional investors trade bitcoin.
The propensity for BlackRock to entertain asset inflow by sliding them into passive funds is great on the way up, but volatility has really twisted the fork into that strategy as the deleveraging in the capital markets has made it harder to achieve alpha.
How will BLKs new partnership work?
The world’s largest asset manager will allow clients to use its Aladdin investment management system to buy, sell and monitor their cryptocurrency holdings via Coinbase’s exchange, the biggest in the US.
BlackRock said the partnership will be focused on bitcoin – at least “initially”.
The move is the latest sign that some of the biggest players in traditional finance – known as TradFi in crypto circles – are confident in the long-term prospects for cryptocurrencies.
This major nod of approval to crypto was a glimmer of good news among the bad as Coinbase, which has been mired in multiple investigations from the Federal government, is handcuffed in regulatory limbo.
The major crypto exchanges have also slashed jobs at a dizzying pace with 1,100 jobs in recent months, after admitting that it hired too quickly during the crypto bull run of 2021.
Institutions made up about three-quarters of Coinbase's $309 billion in trading volumes in the first quarter, the company said in May. Among others, its clients include asset managers, large corporate treasuries, and asset managers.
I believe this is BLK's buy-low approach to the crypto industry as many critical pieces to the crypto infrastructure have flamed out in bankruptcy lately.
BLK wants to cover its bases by being able to take part in the next crypto resurgence if and when that happens.
This also gives them a low-cost exit strategy if the sushi hits the fan.
As investors believe rate cuts will occur next June, that obviously brightens the prospects for crypto prices.
This by no means translates into BLK exposing clients to major crypto investments.
I hear that they are advising high net worth clients into an asset allocation of 1-3%.
I highly doubt there will be a comingling of assets like crypto and equities into one branded ETF.
BLK most likely will silo the crypto business and see if it takes off all while taking a measured approach to its prospects.
The BLK management are already smoothing over the normal talking points like paying lip service to the superior technology of blockchain and how it can be “incredibly innovation and disruptive.”
Buzz words are nice on the ear but usually short on substance.
The truth is that crypto has been an absolute failure since November 2021 and its latest rally has evolved from the backdrop of an expectation of sooner interest rate cuts.
Unfortunately, the crypto industry was one of the few industries in America that got hit by the deleveraging bubble because it is the most speculative.
One might also throw in meme stocks like Gamestop (GME) and AMC (AMC) as secondary losers to the central bank tightening.
Even zombie corporate companies are alive and kicking as the tightening cycle hasn’t been that tight.
We are setting up for a positive 2023 and crypto could really take off when interest rate cuts become the new normal.
https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png00Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2022-08-11 16:02:152022-08-11 16:22:45Fink At It Again
Pension funds are famous for being slow rollers, usually taking the safest of safest routes to preserve capital and slowly grow asset portfolios.
The people they serve, the pensioner, should be a microcosm of what the fund is about.
This would make sense since the capital in the first place comes from employees and is meant to fund these workers after retirement.
Many people don’t know that modern pension funds serve a dual mandate of, not only doling out monthly stipends to old people, but playing the role of trader on the active markets.
American states and sovereign countries usually have massive pension funds which can move markets.
The board usually hires qualified and credentialed management to oversee funds...or do they?
So one might ask, what on earth is going on with the largest pension fund in America, representing the state of California CALPERS?
CALPERS increased its meme stock and movie theatre company AMC (AMC) stake this first quarter again.
Last year the institution loaded up on AMC and GameStop (GME).
During this time, the California Public Employees’ Retirement System (CALPERS) had sold an 11% stake in Palantir (PLTR).
CALPERS is betting the ranch on meme stocks, and that is scary news.
It obviously means that the bottom is not in since there is more dumb money flooding into the system.
Once we flush out the weak hands then it will signify rock bottom, but as long as we have CALPERS buying up meme stocks then it’s hard not to be bearish.
Even more baffling was the decision to sell an extreme amount of Netflix (NFLX) after colossal losses.
Netflix stock is down almost 69% this year-to-date and it dropped 38% in the first quarter of 2022 alone.
Taking a major loss in Netflix only to roll money into GameStop and AMC is seriously what the California state pension fund is doing.
This is no joke.
At least they don’t own cryptos like Dogecoin or Shiba Inu coin.
I am not sure exactly what their plan is but movie theatre watching is dead.
Perhaps, CALPERS plan to offer their retirees free movie tickets along with a depreciating amount of monthly pension.
Suspicion runs deep into who is making decisions at the helm and that is the CEO of CALPERS Marcie Frost.
She spent 30 years as a public servant in Washington state. Her early leadership roles were in human resources with an emphasis on employee benefit programs and information technology.
In 2013 Marcie was named cabinet lead by Washington State Governor Jay Inslee for the Results Washington performance and accountability system, where she served as an early creator and architect for the platform that tracks goals and progress in education, the state's economy, sustainable energy, healthy and safe communities, and efficient government.
Basically, she has no idea about the stock market yet she is CEO of the biggest pension fund in America.
Her role as tracking the “progress in education” is somehow supposed to transfer over to stock market overperformance.
This screams a breach of fiduciary duty and it could end up in tatters for CALPERS.
CALPERS has been infamous for terrible management decisions and Marcie’s predecessor breached conflict of interest mandates by investing in Los Angeles real estate that he has an interest in.
Clearly, the board of CALPERS favors crony capitalism as a management style.
Any 14-year-old student would know under no circumstance, should a pension fund choose to voluntarily speculate on high-risk assets.
Is it really a thirst for yield?
If CALPERS blows up and is forced to mass unwind, don’t forget this story.
https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png00Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2022-05-16 16:02:182022-05-27 01:47:15Insanity at CALPERS
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If you do not want that we track your visist to our site you can disable tracking in your browser here:
Other external services
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.