A Spectacularly Underappreciated 15 Years
The Big Picture
APRIL 28, 2025
This current 15-year peak was through February 2024 at ~ 16%. Financial Repression was the rallying cry for underperforming managers. is not what risk managers call a rational trading day. Over the ensuing 16 years, the crowd may have forgotten that pain. Any single day where markets rally 12.5%
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