MARKETS COLLAPSE; SECULAR OLD MAN STOCKS IMMUNE TO THE HORRORS

Big move in the 10yr today caused me to stop out of my TMF. Although crashing of rates is a conviction trade for me, the timing isn’t now — apparently. I have no interest in sitting around for things to materialize.

Having said that, stocks are cratering, Nasdaq off by 150+ after a series of earnings reports. For the record, I’m not too concerned. On the other hand, now is a good time to hedge.

I’m mostly long secular stocks now, slow growth divvy payers and they’re all up.

What’s happening is called rotation, out of shit stocks into quality. How long it lasts is an interesting question.

For now 35% cash, 15% hedged, the rest in boring names like MDLZ — but I’m up 9bps unlike you — who are likely roasting inside of hell.