8 Comments
User's avatar
Ringo's avatar

Dollar smile, man i rem that. Great job.

Cade's avatar

Do you give any weight to the theory that flows were the source of US outperformance not the result?

David Cervantes's avatar

No. Chicken and egg problem. Or more eloquently, reflexive feedback loops.

ZG's avatar

How are you thinking about the port/freight data, if at all?

David Cervantes's avatar

Yes. It’ll matter when it matters.

1. Empty shelves

2. Price changes

3. Employment numbers.

麦田 Rye's avatar

Good article. I gained a lot from reading it! I don’t fully understand it, but I think it explains the position of the 'dollar' in different economic cycles very clearly.

David Cervantes's avatar

Easy. Correction in stocks is being manifested in dollar valuation and flows. It’s not the end of the world like some people it is.