Silver Investment Case Remains Very Compelling
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Money Week
While the hedge fund world finds itself in a time of crisis, with a "great rotation" of capital away from active management which continues to largely underperform the broader market, and toward cheaper, passive strategies, nothing could spoil the mood at one of the industry's biggest events held today at the Lincoln Center, the 22nd annual Ira Sohn conference, where a dozen of the hedge fund industry's most prominent names presented their best ideas.
Overheard at The SNB today...
"Sell The News" was the narrative after Macron's "victory for the world"...
The Dow desperately tried to hold 21,000 and unchanged...
Amid the 'calmest' market for the S&P 500 since 1964...
Traders are shedding protection at a record clip. For the third time in the last week, VIX just traded with a 9 handle - down to 9.73 - the lowest since Feb 2007...
The last two trading days have seen some 'odd' shifts in the equity-vol correlation regime though...
And judging by the collapse in realized vol, VIX could have further to fall...
In a note from Goldman's cross-asset strategist Ian Wright, the bank points out something troubling: on one hand, over the past six months, or rather since the US elections, equity markets around the globe have soared, and returns across regions have been "strong" - S&P 500, Stoxx 600, Nikkei 225 and MSCI EM ($) have returned roughly 11%, 16%, 20% and 11% in local currency price terms, respectively, with MSCI World ($) up 12% over the same period. In other words, everything is up.