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S&P 500 bulls delivered, and the revival in risk-on is increasingly getting legs as HYG rebounded sharply. The sharply increasing participation is counterbalanced by still compressing yield curve, but yields finally rose yesterday. Finally, we saw a truly risk-on positioning in the credit markets – and that won‘t be without (positive) consequences. Q3 2021 hedge fund letters, conferences and more Still, it pays to be ready for the adverse scenario that I‘ve described in yesterday‘s key analysis, in connection with which I have received an interesting question. It‘s essentially a request to dig…
