Keep Calm...

... and Run for Cover!

This week we extended our Volume Clock thread by a smidge. We’ll get back on this horse when we have enough data.

Markets this Week

Will Putin or PullOut? After the Fed shocker of last week, we got Russia playing war games with the markets.

Indian large-caps were mostly ok thanks to Reliance and TCS.

Gold finally caught a bid amidst all the chaos.

We are in a WoWo (War On/War Off) market. Historically, these type of market events have been a “sell the rumor, buy the news” sort of affairs. If you haven’t already retreated to your bunker in New Zealand, then grab yourself a tub of popcorn and enjoy the show.

Links

Wes Gray 🇺🇸 @alphaarchitect

1) trading costs go to zero + 2)data is cheaper and easily available to everyone + 3) behavior fact: data increases confidence, but doesn't improve forecasts = The opportunity to be a TERRIBLE investor has never been better in the history of investing.

Cancel culture is the new human sacrifice. (trustbutverifyit)

Given high valuations in the US as well as a strong US dollar, can international stocks outperform again? (valuepunks)

Criminal Whales Hold over $25 Billion in Cryptocurrency From Multitude of Illicit Sources (chainalysis)

Corey Hoffstein 🏴‍☠️ @choffstein

Historically, the long and short legs contributed about equally to the momentum factor’s return. From 2015-2021, the long side contributed <5%.

Objectively Random (Jaynes stan) @firoozye

A Look Under the Hood of Momentum Funds @SSRN https://t.co/WudWDHyPvn

All the smart people flock to banking or tech because, well, that’s where the money is. It’s also a big fucking food fight, and the attrition rate is high. I would argue that’s not where the easy money is at all. That’s the hard money. (wggtb)

Uday Tharar @udaytharar

Indian equities have seen about US$11bn of FII selling since October, largest since the 2008 global financial crisis. US$16bn selling in the secondary market. FII ownership in BSE 200 stocks (as of end-2021) stands at an 8-year low. Will come down further this quarter.

Meme of the Week

Erik Meyersson @emeyersson

Putin and the West