a narrow road

Although we have consistently mentioned the rapid changes in the global macro (top down) market over the past four years and the relative investment attractiveness of “gold,” most of them have been frequently blocked at the top of the band.

Five of four games

After several challenges, the textbook resistance breakthrough is not much different in character from the recent Japanese stock rally.

Looking around these days, I think Japanese stocks and gold-related positions are still underwritten.

On the other hand, the core themes of the era (Bottom up) such as Tesla, Apple, and Nvidia are still focused on supply and demand.

Japanese stocks, gold fundamental changes have been developing under the surface for longer than thought.

Still, most market participants only see a significant opportunity for macro trend followings comparable to Nvidia for a variety of reasons, including preconceived notions about certain countries and assets and complacency about knowing well.

Usually, global hedge funds with multi-stretching strategies such as Millenium and Point72 do not prefer the Equity long only strategy. There is an inherent reluctance to the inherent volatility of individual stocks.

Traders who have survived for a long time commonly avoid buying and selling individual stocks that capitalize on crowd psychology. If not, they instinctively distance themselves from the market (BM) as much as possible, spending more time and energy looking for Seeking Alpha.

This is mostly why you prefer Dislocation or Idiosyncratic event.

In terms of bottom-up, technological changes are fully agreed upon and always correct from a medium-term perspective. However, the burden of discount rates, value controversy, and excessive supply and demand concentration caused by rising interest rates are still cautious.

Narrow roads are more advantageous than the familiar and comfortable roads everyone is looking for now.