MARKETS ARE BEING DESTROYED; ALL HOPE IS LOST

I just landed in Boston and I haven’t eaten yet, but I’m not complaining because men don’t complain and I identify fully as a man.

It seems there are more sellers than buyers today and instead of painting you a wonderful picture of doom, I will refrain and remind you that even in the worst tapes — markets can rally.

I am 90% cash, 5% TZA, 5% BTU — up 35bps. My chief concern is rates spiking the way they are and I’m also hesitant about having too much exposure. On one hand, markets are nearly oversold. On the other, the market deserves to be 40% lower.

Decisions decisions.

Off to allocate to the quant for September.