Had dinner with a long only fund manager on Thu night. One of the household names. Said his worst outcome was that miners rallied hard into the end of the year. The're significant underweight and this would mean they under perform the index meaningfully.
Conversely, guess what they all own ?
The pain trade for materials is higher now not lower IMO. Brazil up 5% overnight, China looks like it will go higher and some loosening of credit coming from Chinese banks.
The one caveat I think is USD/JPY. If that keeps going to 120+ it will be very difficult for commodities to rally
That has been a fantastic trade for those on it though....but....the one constant in these markets for the last few years has been positioning . People get hurt by being on the wrong side of the boat.
Good w/e XJOers, trust someone may find my opinion useful.
Had dinner with a long only fund manager on Thu night. One of...
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| XJO (ASX) Chart |