Charlie McElligott
speaker
507 appearances
2 recordings
1 series
first heard Mar 2025
last heard Jul 2025
Charlie McElligott’s voice in public audio — every appearance, attributed to the second.
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Appearances
You had crowded narratives.
And crowded thematic positioning with a lot of leverage.
Right.
That is what the prime brokerage data shows and and frankly still shows like gross exposure for your longs and your shorts in aggregate, still kind of ninety something percentile, was one hundred percentile.
Coming into the year though, we also had high nets.
So you had a lot more long than short.
Either way, a lot of leverage in the system.
Yeah, that's I mean, that's the perfect segue here.
Because like in in the sense that the post-election narrative and remember the rate sell-off beginning in September, when the market really got their arms around seemingly some of this polling that was showing, much more credible kind of Trump lead.
The rate sell-off, meaning yields going higher, was about this idea that regardless of who won, but particularly if Trump won, that
We had become both sides had become economic populists, and that fiscal dominance was this overriding theme where, like, we don't have a tolerance for pain as a society.
We we saw the kind of the steroidal impact of fiscal stimulus in the post-COVID world, which kind of was the tiebreaker for finally getting an inflation shock, as we all experienced.
So, this idea that he was going to take an already strong economy.
and overheat it with D-reg, with tax cuts, and these other stimulative measures.
completely had the market thinking about.
Further extension of US exceptionalism, right?
This ability to outperform the rest of the world for a whole number of reasons, which is a separate podcast, but like positioning was like long US assets.
Europe was going to be cutting sooner because they were feeling the brunt of the slowdown force more so there.
China had all sorts of issues, right?
Rest of the world struggling, US exceptionalism, and part of US exceptionalism, not just kind of like global hegemonic.
Showing 341–360 of 507 · page 18 of 26
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