Fwiw you were right about TLT gains. I think the dollar continues to absorb liquidity until the music stops thus perhaps a helpful mediating position to hedge by reducing beta. Seems like commodities are doing a worse job at this now which speaks to the free floating nature of fiat. Don't get caught without a chair when the music stops
The problem with commodity rallies is that commodities really can't grow. At the end of the day they're really just a currency. This means the second derivative is
always negative
Fwiw you were right about TLT gains. I think the dollar continues to absorb liquidity until the music stops thus perhaps a helpful mediating position to hedge by reducing beta. Seems like commodities are doing a worse job at this now which speaks to the free floating nature of fiat. Don't get caught without a chair when the music stops
The problem with commodity rallies is that commodities really can't grow. At the end of the day they're really just a currency. This means the second derivative is always negative