The Trump Trade
After a huge move upward in risk assets since the election, many investors are trying to figure out how much of this move is real and how much will fizzle when we face reality post-inauguration.
In this week’s market update, we attempt to ignore the competing qualitative narratives of the investment media and focus more closely on the quantitative internals, allowing us to measure what investors are doing rather than what they are saying.
Key Takeaways
- Markets Gave Us a Clue About the Election… Keeping Paying Attention to the Clues
- Interest Rates Shot Higher, But Credit Spreads Shrank…
- Cyclical Assets Outperforming Defensive Areas
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