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Broadening election hedges (Morgan Stanley, Twitter, 1 min read) MS argues to sell equity vol and buy FX/rates vol around US election dates. [Bullish FX/rates vol]
Amazon’s profits, AWS and advertising (Benedict Evans, 8 min read) Great overview of what Amazon’s true profitability is. [Bullish AMZN]
The Halloween Indicator, ‘Sell in May and Go Away’: Everywhere and All the Time (JIMF, 28 page read) Looks at all stock markets and finds ‘the effect seems remarkably robust with returns on average 4% higher during November-April period than during May-October.’ [Bullish equities after election]