Jeffrey Gundlach webcast slides for the month of September 2017, titled, Wack-O Season.
- Fund of funds Business Keeps Dying
- Baupost Letter Points To Concern Over Risk Parity, Systematic Strategies During Crisis
- AI Hedge Fund Robots Beating Their Human Masters
TAB I - Global Economy
PMI – Eurozone vs. U.S.
David Einhorn's Greenlight Capital returned -2.9% in the second quarter of 2021 compared to 8.5% for the S&P 500. According to a copy of the fund's letter, which ValueWalk has reviewed, longs contributed 5.2% in the quarter while short positions detracted 4.6%. Q2 2021 hedge fund letters, conferences and more Macro positions detracted 3.3% from Read More
Source: Citigroup, Bloomberg
Markit Eurozone Manufacturing PMI (Purchase Managers Index – seasonally adjusted). PMI is an indicator of the economic health of the manufacturing sector based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. You cannot invest directly in an index. .
German 10?year Yield vs. CPI
CPI = Consumer Price Index is a measure that examines the weighted average of prices of a basket of goods and services, such as transportation, food and medical care. You cannot invest directly in an index. YoY = year?over?year.
Euro Junk Rally Pushes Yields Below
BofA Merrill Lynch US Treasury Index (G0Q0) ?The Merrill Lynch US Treasury Index tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion.
BofA Merrill Lynch Euro High Yield Index (HE00) tracks performance of EURO denominated below investment grade corporate debt publicly issued in the euro domestic and Eurobond markets.
Please see index definitions in the appendix. You cannot invest directly in an index.
TAB II – U.S.
U.S. Conference Board Leading Economic Indicator
Source: Bloomberg, DoubleLine
Conference Board U.S. Leading Index = Leading indicators include economic variables that tend to move before change in the overall economy. These indicators give a sense of the future state of an economy. YoY = year?over?year. You cannot invest directly in an index.
See the full slides below.