Markets have moved sharply year-to-date, and in one clear direction: short Cathie Wood and Bitcoin, long cyclicals (banks & oil). This relative stance has now likely become consensus. While there are good macro reasons for the first leg of the move, the second leg seems less justified at this stage. What are the macro drivers for this move, and how do we trade it? Let me share my thoughts with you. Without further ado, let’s jump right in! A Peak Behind the Macro Curtains: On Dec 6, I argued the risk/reward for Central Banks at this juncture in the macro cycle was definitely skewed towards engineering a ... (full story)