Site Search

What happened : 'Retreat, retreat, retreat'... Bessent threatened to resign as his bonds were getting destroyed (when basis trade is on the move it HAS to stop) and stocks for that matter (what's plan c?), and IS now the man together with GOP senators, as it should have been all along (for some reasons Trump chose lunatic Lutnick and Navarro..), Trump folded, which is 'good', the U.S wants -2- things, hurt China and get a tax through, and maker RoW chose between US and China, clear declaration of economic war with China, couldn't be more blatant Markets : immediate reaction on the 90days delay (we had a taste the previous day..), biggest VIX collapse ever and biggest Equity rally ever in a nutshell.. . >>> plenty of 'uncertainty' remains, but market has 90 days to think about it.. even after today’s flip-flop, we’re still looking at the bigliest tariffs since the 1930s.... China will flood cheap goods across the world but not in the U.S ...no need for much trade deals, relatively big benefit for Europe and RoW...!! and U.S LESS competitive therefore.. MASSIVE insider trading no doubt , Lutnick was saying 2days ago 'buy TESLA shares' and yesterday Trump was tweeting 'KEEP COOL? all will be fine..astonishingly clear insider.. Thread : "one of the most extraordinary Truth posts of Trump's presidency" in the sheer level of gaslighting at play: he's trying to make one of the biggest and clearest humiliations in US history look like a win'' The United States tripled its money supply over the past two decades. That’s not some abstract economic trivia. That’s the foundational distortion that shaped every asset class, every risk model, every portfolio built since GFC/Thread below - it has to change AMAZON CANCELS SOME INVENTORY ORDERS FROM CHINA AFTER TARIFFS >>> prepare for massive shortages in the U.S. Justice Department scraps crypto unit as Trump further loosens oversight of digital assets, unreal! But in the long run, if the US no longer wishes to be a debtor nation with huge current account deficits, and instead wants to turn this into a surplus, the we can no longer justify such huge capitalization on the US stock markets , nor can we expect such high demand for US debt Australia rejects China's overture, and reopens free trade talks with EU The White House, Tuesday: The President has a spine of steel that will not break. The White House, Wednesday: Errr, it broke. We’re pausing reciprocal tariffs for 90 days. The White House, Thursday: Gone golfing Arnaud Bertrand on X: "It is indeed "one of the most extraordinary Truth posts of Trump's presidency" in the sheer level of gaslighting at play: he's trying to make one of the biggest and clearest humiliations in US history look like a win. But there's no amount of lipstick that can disguise this pig." / X ubs.com/content/dam/assets/wm/global/cio/market-insights/paul-donovan-daily-insights/2025/dailyupdate-20250410.mp3?campID=UC:E:601227:601241:269449152:0:1979213785:1979243225:en:0 Donovan puts it nicely : retreat retreat retreat Germany's Merz unveils coalition deal to spur growth, tackle migration | Reuters Rand Paul on X: "Watch my morning interview with @CNBC about why tariffs are bad for our economy: https://t.co/WhzQdDVLqT " / X Truth Details | Truth Social Sergei Perfiliev 🇺🇦 on X: "Quickest explanation of a basis trade and how it blows up. What is the Basis Trade? It's an arbitrage trade aiming to profit from the price difference between a bond and its futures contract. "Basis" means "a spread". For instance, if a futures is trading at a higher price https://t.co/PDRHoxH0T0 " / X Shay Boloor on X: "MY THEORY ON WHAT’S REALLY HAPPENING The United States tripled its money supply over the past two decades. That’s not some abstract economic trivia. That’s the foundational distortion that shaped every asset class, every risk model, every portfolio built since GFC. We spent https://t.co/WHEbHQ0Ju7 " / X The truth is, until China blinks -- or Trump backs down -- this is going to be the backdrop. Not because the market is broken. But because it’s working. It’s doing its job. Pricing the regime, not just the risk >>> .......Trump as to go ! (>>> or now folded..) Justice Department scraps crypto unit as Trump further loosens oversight of digital assets | Fortune Crypto Bob Elliott on X: "US treasury market dynamics shifted abruptly the morning of April 4th, coinciding with China's retaliatory tariffs. While no one knows for sure if Chinese efforts are driving the shift, escalation from a trade war to a capital war would have devastating consequences. Thread." / X Jamie Dimon says a recession is 'likely outcome' from Trump's tariff turmoil Forget shares, bonds and tariffs. Here is what you should really worry about - Yanis Varoufakis This simply cannot and will not happen, otherwise Armageddon will be seen as a walk n the park Izabella Kaminska on X: "1/ Amid the endless and breathless commentary today, worth remembering this is a giant game of high stakes Liar’s Poker. It’s also an exercise in mutual assured economic destruction. MAED. This means it’s not about markets or valuations, it’s almost exclusively about game" / X and Trump folded Flip FLop Ackman Bill Ackman on X: "The benefit of @realDonaldTrump’s approach is that we now understand who are our preferred trading partners, and who the problems are. China has shown themselves to be a bad actor. Our counterparties also have a taste of what life is like if they don’t take down their trade" / X

Tariffs 'strategy' ...backfiring on Trump >>> MUCH steeper UST curve, UST 10y is not up 60bp in 3days!! this is absolutely massive, maybe China selling, whatever the reason(s), talked about last few days/weeks, the world is losing faith in the US administration, fire Trump! That Bessent/Miran plan isn't really working! make is make sense! The Senate needs to stand up and put the breaks on Trump & CO, becoming isolated.. Grundlach gets it - see short video below USD : Once the long-end goes, the currency might follow, a little like in EMG market ! Equity markets not down much in China actually, FED might get involved today, or the Senate might finally wake up and stop Trump in his crazy tracks This is what you call a nightmare situation: Treasury yields are now up +10% since April 3rd while the S&P 500 is down -10%. The 10-year note yield is currently up 55 basis points in 48 HOURS. In other words, we now have HIGHER rates with stocks pricing-in a recession. Something broke this week #duration #extreme divergence between SPX and long-end UST's China calls Trump tariffs 'economic bullying'; warns tactics will 'backfire' From mayhem in the markets to chaos in global security, his is what 2.5 months of Trump the sequel have created so far/ C4news, hard to disagree #TSLA is Musk’s foundation. Every empire he built—SpaceX, Neuralink, Starlink, X—leans on the cash flow, market hype, and illusion of growth from Tesla. If Tesla goes, it all goes/thread below Trump’s golden age: Microsoft has cancelled plans to build 3 new data centers worth $1 billion in Ohio, wakey wakey Trump China & Brazil Officially Announce to Trade in Local Currencies China and India are speeding up payments in their local currencies too Video below : Prof. Jeffrey Sachs : War and Tariffs >>> well worth a listen, 25mins #MSTR : Michael Saylor has $6 billion in Q1 unrealized losses . That’s not a typo. Strategy just disclosed its biggest quarterly loss ever — and it’s not just a bad bet!! EU trying to replace Musk’s Starlink in Ukraine – Politico The tech tycoon has previously threatened to shut down the communications system that Kiev’s forces depend on (1) Victor Jones on X: "Gundlach gets it. https://t.co/qD4ye4Vv00 " / X (1) Brad Setser on X: "Lots of rumors (best I can tell without strong supporting evidence) of China selling the 10y (and more implausibly, the 30y). A few observations. 1/ China entered Trump's second term with a lot of deposits and bills thread https://t.co/fC0fF87n0x " / X (1) zerohedge on X: "Hi @federalreserve this is what the collapse of the $2 trillion basis trade you encouraged for so many years looks like https://t.co/OiPzWk5tc1 " / X China calls Trump tariffs 'economic bullying'; warns tactics will 'backfire' https://www.linkedin.com/posts/antongolub_michael-saylor-has-6-billion-in-q1-unrealized-activity-7315034932710379521-B0zR/ Michael Saylor has $6 billion in Q1 unrealized losses That’s not a typo. Strategy just disclosed its biggest quarterly loss ever — and it’s not just a bad bet Niall Ferguson: Trump’s Tariffs and the End of American Empire Mario 🇺🇸🇵🇱🇺🇦🇪🇺 on X: "The Tesla Collapse Domino Theory (a.k.a. The Musk Trap): 1.Tesla is Musk’s foundation. Every empire he built—SpaceX, Neuralink, Starlink, X—leans on the cash flow, market hype, and illusion of growth from Tesla. If Tesla goes, it all goes. 2.Musk tried to use MAGA to build his https://t.co/GumCZE0i7w " / X Nicely put, couldn't agree more #TSLA brand at risk clearly https://www.msn.com/en-us/news/politics/brussels-police-arrest-rubio-security-detail-supervisor-after-hotel-fight/ar-AA1Ct0jH?ocid=BingNewsSerp BRICS: China & Brazil Officially Announce to Trade in Local Currencies Prof. Jeffrey Sachs : War and Tariffs

Markets : will only improve with less Lutnick, less Navarro and more Bessent on trade (and what they stand for on tariffs), Trump's tariffs insanity begins to fracture the MAGA cult and he is beginning to freak out, The European Union proposes 25% counter-tariffs on a range of US Imports to take effect beginning on May 16th, Trump ups the ante with China, deadline today >>> economic war at higher levels, Trump creating chaos, weakening alliances, the target remains CHina, always was, Europe on NATO & tariffs (VAT issue Trump can obviously forget about this moronic idea), Trump JUST DOES NOT WANT A TRADE DEAL BETWEEN EUROPE and CHINA... hence the stick between tariffs and leaving NATO (or Europe, Mexico, Canada, UK as taunted recently), trust diminishing amongst big 3, postpone RoA's tariffs discussions by 90 days and keep China is a bit what market pricing here at mom, get deals done, compromise, many Japan going for talks, Asian nations 'folding', Israel obviously too USD : undecided, let's see how goes after US/China bombastic trade war, USDCNH 7.34-high fix! (possible threat of RMD deval and/or UST selling from China), USD/IDR all time highs >>> stay light in risk ahead of this event, both seem to be rather set in their views..Big risk-off days usually favor softer CROSSJPY's UST move yesterday was HUGE : why ? hard tariffs/slowdown globally/more debt to the pile / 9bn to roll this year going to be tricky, let alone if Trump puts on another 2.5bn for tax cuts! / China possibly selling / big steepening again / fact is the move yesterday was off the chart almost , and long-end #duration does not really work as a safe heaven, Trump losing patience and everyone know it was a silly idea, you can't manipulate the long-end for long when fundamentals are deteriorating, even if you crash he economy (au contraire you will need to issue more bonds) The U.S. Chamber of Commerce is considering suing the Trump administration to block the implementation of the president’s new tariffs set to go into effect Wednesday, developing story US in direct nuclear talks with Iran, Trump says CEOs think the U.S. is ‘probably in a recession right now,’ says BlackRock’s Larry Fink Harvard : When a university with a $53 billion endowment needs to tap the bond market in this environment, it just tells you just how illiquid their investments really are The European Union wants to abandon the American credit cards Visa and Mastercard, PayPal and Alipay – President of the European Central Bank, Lagarde Jamie Dimon sounds the alarm bell on tariffs >> no later than 2months ago, tariffs were no big deal, 'get over it' France signs a strategic partnership with #Denmark that reaffirms its commitment to Denmark’s territorial integrity and sovereignty #Greenland >>> yups talked about this few weeks back..EU can move fast when they need to ! Vietnam’s zero tariff offer has been rejected by the Trump administration. This offer “means nothing to us.”...just can't make this stuff up.. Global bank regulator group names BoE's Bailey as its next chair This is important int he current trade war, retaliation and for the USD complex China's yuan hits 2023 lows on signs PBOC is tolerant of some weakness Central Huijin leads growing cavalry of stock buyers seeking to maintain market stability | South China Morning Post Trump threatens additional 50% tariffs on China over retaliatory levies | Trump tariffs | The Guardian Peter Navarro says Vietnam's 0% tariff offer is not enough: 'It's the nontariff cheating that matters' China says it will 'fight to the end' after Trump threatens 50% additional tariffs Global bank regulator group names BoE's Bailey as its next chair Powell quietly made a hawkish pivot, says leading Fed watcher - MarketWatch Why Fed Chair Powell wears purple ties — 'it's not that we are bipartisan, we are nonpolitical' US in direct nuclear talks with Iran, Trump says Exclusive: US Chamber of Commerce considering suing Trump over new tariffs | Fortune Harvard to borrow $750 million after warning of funding threat Rachel Bitecofer 🗽🦆 on X: "Rand Paul just called Trump a tyrant. 👇 https://t.co/clrmzD4qHo " / X CEOs think the U.S. is 'probably in a recession right now,' says BlackRock's Larry Fink Jamie Dimon sounds the alarm bell on tariffs | CNN Business Well worth a read : Ray Dalio on X: "Don't Make the Mistake of Thinking That What's Now Happening is Mostly About Tariffs " / X The monetary/economic order is breaking down The domestic political order is breaking down The international geopolitical world order is breaking down Acts of nature (droughts, floods and pandemics) are increasingly disruptive , and Amazing changes in technology such as AI will be highly impactful to all aspects of life 'This is the Trump recession,' CEOs say: CNBC survey Trump's tariffs insanity begins to fracture the MAGA cult Michael Saylor offers one-word blunt response on market volatility Europe's borders are non-negotiable, says Minister - France in the UK Elon Musk’s DOGE Goons Cause Major Crash to Social Security Site make it stop! Shopify CEO: Prove AI can't do jobs before asking for more headcount

A Global Equity strategy focusing on quality and suitable for all investors from Retail to Institutional PVM Global Equity Long PVM Global Equity Long Our Global Equity Long model offers a comprehensive investment strategy, suitable for Retail, Professional and Institutional Clients. Focusing on the importance of balance sheet analysis in equity investing our strategy aims to maximize long-term wealth creation by identifying financially strong companies with sustainable growth potential. The strategy places significant emphasis on fundamental analysis, particularly on balance sheet assessment. By analysing a company's financial statements, and systematically evaluating key metrics defined within our Investment Matrix , such as liquidity, price to earnings ratios, and dividend yields, helps us identify companies with robust balance sheets, strong capital structures, and good financial health. Focusing on financially strong companies, the strategy seeks to identify investments that can weather short-term market fluctuations and deliver sustainable long-term returns, which is proven through our track record. We do not take a contrarian view, nor are we locked to any specific countries our sectors; our Investment Matrix seeks quality and consequently allows the construction of well-diversified portfolios. Our goal is to generate long-term wealth while effectively managing risk. Additional Information Management Fee 0.84% annual (debited monthly) Performance fee 10% high watermark (debited monthly) No withdrawal fees No lock-up periods Suitable for Retail, Professional and Institutional Clients. Presentation Button Button Contact

A Comprehensive Long-Short Strategy for Professional Investors PVM Global Value Opportunities Long/Short PVM Global Value Opportunities Long/Short This strategy provides a unique approach to capitalizing on both rising and falling markets by employing a combination of long and short positions. Based on our Investment Matrix, the strategy begins with a rigorous assessment of macroeconomic trends, industry analysis, and fundamental company research. It emphasizes the identification of key catalysts and market inefficiencies to identify undervalued and overvalued securities. The strategy identifies fundamentally strong companies with solid growth prospects, robust financials, and competitive advantages. Rigorous analysis is conducted to evaluate the company's management team, industry dynamics, and potential catalysts that could drive future growth. The strategy also focuses on identifying overvalued or fundamentally weak companies that are likely to face challenges or experience declining performance. Thorough analysis is conducted to pinpoint factors such as excessive valuations, deteriorating financials, or unfavorable industry trends. The strategy emphasizes dynamic portfolio construction, regularly reassessing and adjusting positions based on changing market conditions and new investment opportunities. This adaptive approach ensures the portfolio remains aligned with evolving market dynamics. By employing a disciplined approach to long and short investing, this strategy aims to generate superior risk-adjusted returns in both bull and bear market environments. Additional Information Management Fee 0.84% annual (debited monthly) Performance fee 10% high watermark (debited monthly) No withdrawal fees No lock-up periods Suitable for Professional and Institutional Clients only Presentation Button Button Contact

Contact us to request more information Contact Us I want to subscribe to the Daily BITs newsletter. I agree to the terms & conditions view Privacy Policy Submit