Pardon the seedy verbiage in this title — but it must be emphasized there isn’t any fear in this fucking tape in a world rife with risk.
The VIX is now sub $14 and the US/UK/URK blew up the Crimean bridge last night and the Black Sea grain deal was canceled by Russia — and let’s not forget the Pentagon just dispatched a destroyer and F35s into the Straight of Hormuz to check Iran. We also, if you weren’t paying attention, sent more troops to Syria.
It doesn’t matter what side you’re on in this war. Markets have concluded Russia is losing and America is easily winning without fear of escalation. This is perhaps a grave disconnect from reality, which can cause some severe drawdowns if anything to the contrary develops.
NEVERTHELESS, like you, I slavishlessy obeyed the tape and finished +93bps without any hedges into tomorrow. The only difference is, between me and you, I am wholly convinced that doom, or whatever you want to call it, looms right around the corner.
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