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
And with that, all of a sudden, now they are a fiscal expander after years of being the total.
So it's a total,
It's a real potential regime shift, even though I think this ultimately creates the conditions where if you do kind of crash the economy and you can't stick the landing on this engineered recession, then you inevitably have to fiscally expand.
And that's why I think a lot of these like long Europe, long China trades will be.
Quick to move their feet.
I don't I can't say this is a tectonic permanent structural shift yet, because the worse it gets for us, and we get punished and you have fiscal tightening and market sell-off and all those bad things that create a negative wealth effect, which in the short term help get the disinflation to get the Fed cuts.
Right.
To get the stimulus through.
Right.
This is all part of this kind of second order thinking that you need to be looking into.
Well, in some of those, I mean, you look at the biggest multistrats that have been 100% of the net alternative investment or hedge fund inflow over the past X number of years, right?
So like long short isn't where it's at anymore.
It's about the market neutrals, and that's just speaking to like their equities components.
But of course they have these other risk diversifying strategies with incredibly tight risk management, tight stops.
And that's how
When you apply a lot of leverage to these small controlled market neutral gains, you then get these incredible annual returns that those biggest shops have been posting.
But the fact of the matter is, crowding happens and leverage on top of crowding happens.
And then shadow leverage happens with leverage ETFs.
Leverage
control, target volatility, and CTAs and all that stuff is synthetic negative gamma in the market.
Showing 421–440 of 507 · page 22 of 26
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