A fun little comment from CitiFX’s Brent Donnelly, showing what central planning does to everyone, even the smart money.
Ursine
I am bearish. The European bank story, skyrocketing target balances out of Italy, widening EUR cross-currency basis and buying of CDS protection in Europe all add up to a compelling case for risk aversion. That said, I almost feel stupid being bearish given it has been such an incredibly popular and incredibly losing strategy for so long and there have been so many false starts over the past few years.
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