1. Crypto Shaves $850B Off Market Cap….Still a Blip on Chart

Crypto markets have shaved more than $850 billion from their combined market value, according to CoinMarketCap.com. 

1. Global Tech…YTD Long vs. Short Flow….Hedgies Pressing Shorts

1. Global Flows  Still Massively in Favor of Bonds and Money Markets.

Jefferies

1. Jim Simons Medallion Fund-The GOAT by a Long Shot 

What About the Medallion Fund’s Annual Returns?

So, how does the Medallion Fund make money?  It finds individual patterns in data and exploits each pattern just enough to turn a small profit.  And when you add up all of those small profits, you end up making a lot of money.     

Since inception, the Medallion Fund has only lost money in a single year net of fees (1989).  More importantly though, the fund’s returns have been partially negatively correlated with the market (correlation = -0.4For example, in 2008 when the S&P 500 lost 37%, the Medallion Fund posted a gain of 82% net of fees!

As impressive as their performance was, comparing the Medallion Fund’s annual returns (net of fees) to the S&P 500 takes their accomplishment to another level:

1. Highest 4 Month Total in Stock Buybacks 20 Years

BONANZA– Companies are preparing to launch a record wave of share buybacks as executives get comfortable with spending excess cash following a blockbuster earnings season and greater clarity on the trajectory of the world economy.  US companies announced $484bn in share buybacks in the first four months of this year, the highest such total in at least two decades, according to Goldman (FT)  In what its analysts dubbed a “buyback bonanza”, Goldman projected shares repurchases by US companies would increase 35 per cent this year from 2020.

Continue reading →