
Hosted by Josh Silva and Michael Purves · EN
Josh Silva of Passaic Partners and Michael Purves of Tallbacken Capital discuss the world of investing through the lens of cross-asset and derivative frameworks.
The information, opinions and views expressed on this podcast are for informational purposes only and are not intended as investment advice. The opinions expressed may not align with Passaic Partners' views or its client strategies. Market forecasts are speculative and should not be the sole basis for investment decisions. Consult your financial and tax advisors before making any investments.

Equity rally is broad, earnings-driven, and still not stretchedMarkets can tolerate higher rates until speed becomes the riskAI capex is creating a sustained, structural inflation floor

Equity rally is fundamentally earnings-driven, not war “denial”Excessive hedging mispriced the upsideBonds are selling off because inflation is shifting from short-term to structural

Convexity conundrum: diversifying assets didn’t workCommodities are not tariffs and cannot be altered at the stroke of a penTape bombs are having diminishing impact

More about rotation than directionBonds are still not protectingImplied correlation / VIX is at a record low

Healthy correction in gold and silverHigher nominal rates globallyWarsh’s impact on the MOVE and VIX

Ready, Shoot, Aim FedMisunderstanding of Oracle CDSWelcome back to the ‘90s

Long Vol and long DeltaPaid to be long CorrelationBuy Everything!

Risk-on sentiment is reinforced by accelerated global earningsMarkets go up... volatility goes upThe Magnificents’ P/E-to-expected growth is favorable — not true for the Everything ElseCross-asset correlations are already historically high — a short hop to “1”Gold is expected to move higher, driven by global populist monetary and fiscal stimulus

• Surprise — no surprises • Front end is clear • Back end is lost

US Dollar allergy & US Treasury curve illnessTipping point for US Dollar weaknessRisk appetite still going strong!