This article is only available to Macro Hive subscribers. Sign-up to receive world-class macro analysis with a daily curated newsletter, podcast, original content from award-winning researchers, cross market strategy, equity insights, trade ideas, crypto flow frameworks, academic paper summaries, explanation and analysis of market-moving events, community investor chat room, and more.
Governments have given us so much, do they have anything left to give? (GMO, 17 page read) GMO argues that HY credit and EM bonds could provide a hedge against equities. [Bullish credit and EM]
Winners and Losers of the Pandemic Economy (Project Syndicate, 4min read) Nobel laureate Michael Spence argues ‘the lofty valuations of companies with high intangible capital per employee make perfect sense in today’s economy.’ [Bullish FAANGS]
Common Short Selling and Excess Co-movement (INET, 25 page read) Excellent paper that finds that stocks shorted by the same entity have predictive power for the future correlation of stock returns.