Your local hedge fund manager is busy on vacation snorting cocaine, leaving junior at the turret with strict instructions not to fuck things up. Junior is scared, so he sold all of the risky stuff and is now buying soap companies and gold in order to reduce volatility.
This of course is a seasonal occurrence, especially during good times, to see junior bumble his way through the warmer climes lest get fired. For the rest of us, we are victim to summer malaise, a time and place where not much is happening. It’s almost better to not trade at all — almost. Every so often a fierce summer rally will occur, like last year, making it all the most worthwhile.
Early going I am 95% cash, +40bps, fortunate to have had some good stocks into today.
As the day jogs on, I will of course trade and trade well and increase my gains.
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