S&P 500 stabilized, but in an unconvincing way – the market breadth and sectoral view was wholy unappealing to me. Expecting risk-off rather than risk-on seems more appropriate here. While the recent Fed liquidity moves aren‘t comparable to TARP (in the market reaction following the program announcement, thankfully for us), it‘s still true that I‘m looking for the unappealing fundamentals raising the head increasingly more, to take over (from E to P/E and beyond as you know from reading my work faithfully). Q4 2022 hedge fund letters, conferences and more Remember that historically 3rd Preside…

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