Hello DAXKness, My Old Friend
Another theory of market rotation is failing
This relatively brief note will have four parts.
A shared presentation with fun family photos
Another comment on credit
A warning on flow chasing
An answer to the question, “What do you mean by ‘running the table’?”
A quick share: I had the privilege of speaking at TCU this past week. My niece is a senior there and asked if I could guest lecture a class, sharing my work on markets, geopolitics, and thoughts on life. If you’re interested, you can find the presentation here.
For the US, the week was all about credit, with a host of voices joining my long-term refrain on private credit (from a prior piece):
