The Smart Money Has Never Been This Long The Long Bond by Bryce Coward, CFA, Gavekal Capital Blog
Back at the beginning of 2014 when commercial traders were net long nearly 40,000 options and futures contracts on the US long bond it marked the peak in yields and preceded a 13 month rally in bonds that took 30-year treasury rates from 4% to 2.25%. Just recently the commercial traders, AKA “smart money”, were net long about 61,000 contracts, or 50% more contracts than the peak in 2014. If recent history is any guide then a 1 handle on the 30-year treasury bond could be a reality!
At this year's Sohn Investment Conference, Dan Sundheim, the founder and CIO of D1 Capital Partners, spoke with John Collison, the co-founder of Stripe. Q1 2021 hedge fund letters, conferences and more D1 manages $20 billion. Of this, $10 billion is invested in fast-growing private businesses such as Stripe. Stripe is currently valued at around Read More