This is really something. There’s so much pain under the surface.

About last night

The CCC-B decompression we have seen has happened at an incredible speed and never when aggregate demand is rocking and rolling. There is zero decomp at BB-B levels and this suggests that decomp is fear driven vs earnings driven. I’d be careful of pressing shorts.

Paraphrasing sentiment on Fintwit : If RTY doesn’t bounce cleanly off the 200dma…

🌮 fuel

A reason it’s been so hard to trade this past year is because index looks tired most of the time, and then just has these monster ramps. On top of that so much rotation within. It’s a very tough environment for credit HFs.

Like this a lot

It’s truly an unusual set of scores. Just would not have guessed this ex-ante 3 months ago. Also chuckling seeing HY cash being only marginally better than cash. Chop city.

“Don't bet big unless a) : love your thesis, and b) you're hot.”

“you can't just make yourself feel good by taking profit when something goes your way”

“Why are you only doing $5bn? So he says, This is one way bet. It's not the way you manage risk. You should do $15bn”

To err is human, to forgive is divine, to be stubbornly wrong and implacable is Warsh.