Pithy
When the author was being baptized at a capital markets desk thirty years ago the bible for the interest rate and foreign exchange derivatives group was the Grants Interest Rate Observer.
The good news is Grant for at least thirty years has delivered consistent and insightful observation of the folly and occasional elevated thinking in capital markets with subtle wit. A pure joy
Mr Grant may have outdone himself with the review of Bridgewater associates with at least the underlying implication that all is not well in mudville with standard skullduggery of conflicts and industry cabals
And is the wont when the searchlight comes the positions lighten
For emerging markets the import is that Bridgewater is the largest holder of emerging market etfs's and even a partial adjustment in a short period of time will undo percentage changes in less than liquid underlying markets achieved in the longer period of accumulation
In other words the psychology of selling is fast and hard
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