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To YOLO or Not To YOLO?
The YOLO crowd is back with a vengeance. Over the last month we have seen nearly bankrupt companies rallying 100%+ in a single day, and companies reporting awful earnings staging a 20%+ rally the day after. In other words: YOLO is back, bro. In this piece, we will: Look back & quantitatively assess the mechanics behind this big Meme Rally; Answer the big question: if bonds yields are rising and cash-like products now yield 5%, how on Earth is it that we are witnessing such a high-beta rally? And is this the start of a new bull market? Let’s take a step back in time – precisely to early November 2022. The ... (full story)