Remaining OPtimistic
Aug 24, 2023
• 10
Min Read
How We Got Here
Looking back over the past month, we found ourselves stuck in unusual stasis. Macro risks were escalating, and negative seasonality was taking effect, while at the same time, the potential for positive industry-specific tailwinds were knocking on the door. This strange equilibrium led to a decoupling from macro variables, with volatility approaching historical lows.
Our near-term bullish view was predicated on one or both of two things coming to fruition: either (1) liquidity conditions would bottom out (with rates rolling over, DXY declining, and...