Cumulative Preferreds Offer No Price Protection, Hurt Equity Upside
Trading preferreds for 37 years I'll mention that a preferred being "cumulative" doesn't help it hold its price when it stops paying its dividend even though it accumulates future unpaid dividend obligations. In fact the cumulative nature simply hurts potential upside of common equity.
STRC Dividend Demand Wanes, BTC Funding Tilts; MSTR Rallies
Dividend capture demand for $STRC is now in a drawdown if they didn't get out in time. That should massively reduce the upward pressure to 100 over the next month and if the company is unwilling to sell below...
Fed's Lax Stance Hurts 60/40 Returns, Needs Tighter Policy
Lot of folks suggest the Fed is "not restrictive". Based on the level of assets or the some cherry picked recent rally in assets. They may be right but its also true that if you bought a standard 60/40...
Beta Tweaks and Cash Raise Boost Portfolio Performance
Tweaks to beta yesterday (raising cash) Sold some VEA -0.3% Today GSG -0.3% Today GLD -1.2% Today SPY +0.8% Today Net net those worked.
Six Bullish Triggers That Could Defy My Bearish Stance
I just went max bearish equities. However plenty of bull cases exist. The six big things that can make me wrong 1) Collapse of long term oil prices back to the low's 2) The passage of a highly stimulative fiscal...
Low‑risk Portfolio Gains ~9.5% YTD with DS Strategies
100% Allocated DS GlobalBeta up 7%YTD. I've been 80% invested basically. Up 5.6%. DSAlpha which buys/sells options using my AUM as a resource has PNL of 3.9% of AUM YTD. Yes you can add them. Total is...
Portfolio Shifts to Cash, Short US Equities, and Put Spreads
On the close. Raised cash in Beta by 10% of AUM trimming commodities, gold, and US and ROW Equities. Up to 30% Cash. In Alpha went max short US Equities. Two and Six Month Put Spreads totaling 4%...
IGV Bulls Rugged at Open, Buyers Hold Below
Man the $IGV bulls got rugged today on the open today and taking another leg down. Still a buyer below. Weird action tbh
80
Dec CL Crude is 77.5 If spot crude never trades below 80 for the balance of 2026 what will be the low for equities SPX Cash from here
Fast 6865 SPX Move, 60:1 Odds on 6180 Put Butterfly
Yep 6865 SPX cash happens fast. 60:1 long shot odds available for a 100 point 6180 put butterfly. Yes please.
Pricing, Not Diversification, Drives Gold’s Portfolio Rescue
The great failure of 60/40 and risk parity was holding bonds at ZIRP "for portfolio diversification benefit". Pricing matters. Today Gold and commodities have saved every portfolio that was smart enough to hold them. Daily you hear about...
Bold Claim of No Weekend Deal Quickly Silenced
Muting those spiking the football on their "bold" call that there would be no deal this weekend.
AI Hallucinates Origin of ‘Sweet’ vs ‘Sour’ Oil
I know it's a stupid anecdote and AI will eat the world but I asked Claude if the original grading of sweet and sour for crude oil was based on its taste to humans. This is my response to...
Expect SPX Dip, Buying Puts at Current Levels
Saturday 3/28 SPX 6400. Expect a sizable dip on Monday and "Nothing but a buyer" Saturday 4/11. SPX 6820 buying puts last week at current levels . Just doing what we do. https://t.co/ZSOy0u6uI1
Hedge Funds' Short Covering Crushed Market as Retail Shifts
From the TFF which I much prefer to COT. The last month was clear. Long only asset managers do what they always do which is chase price. Through tuesday they were nothing but buyers and must have...
