Ben Brey of
and the 🐿️ - Live broadcast recorded at 6pm EST on Thursday 13th November.The Slides
Pod Summary
3 minutes
Discussion on trading philosophies: mean reversion, momentum, and carry trades. Emphasis on how market dynamics have shifted from classical corporate finance approaches to more flow-driven, inelastic markets.
11 minutes
Conversation about Mike Burry and legendary short sellers like Jim Chanos closing his fund. Ben and the 🐿️ question the value of trading on 13d public filings.
15 minutes
Observations on defensive sectors outperforming, such as healthcare and staples, including Apple, but questioning if defensive sectors are actually safe given high valuations.
21 minutes
Energy sector highlighted as moving into the defensive bucket. Discussion on how natural gas prices have risen (at 52-week highs) mainly due to weather, LNG export growth, and increased demand from data centers. Comments on the implications for energy equities.
25 Minutes
Talks about private credit and private equity exposures, referencing institutions who exited these investments at discounts in anticipation of market stress. Points out the divergence between Blue Owl equity and high-yield spreads, foreseeing risks in private credit pricing.
Equity market analysis: cautioning against dip-buying while in deleveraging phase, indicating that real market bottoms occur when specific signals (put skew spikes, vol market signals) become evident. References historical bottoming events (e.g., Liberation Monday, August Nikkei crash). We are not there yet!
35 Minutes
Currency discussion: thorough debate on U.S. dollar, euro, sterling, and emerging market FX. Arguments for a potential sharp (but unsustainable) dollar rally in a global deleveraging scenario, tempered by skepticism about near-term catalysts.
See you all again LIVE on Sunday night at 6pm EST.
If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor.
