Global Allocation Fund commentary for the month of March 2020.
Q4 2019 hedge fund letters, conferences and more
As many of you know, our GA fund was waiting for a crisis to materialize in 2020. As we always say and repeat, to make it really a crisis, it would materialize mainly in the credit and financing markets, although also in the stock markets.
We have long believed that the level of leverage in the financial system is basically unsustainable, derived from also unsustainable monetary policies that have based the bulk of their work on the "wealth effect", leaving aside...
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