"A Wild F**king Month..."

February was a tale of two cities with historic Goliaths getting David'd (if that's a word) day after day (from SaaS to CRE brokers and from BDCs to Financials as AI disruption rippled through stocks - and doesn't look like slowing, speculative leverage was exsanguinated from precious metals and crypto, and credit finally started to crack).

One veteran cross-asset-class macro trader at a very large fund MSG'd us "...ready for a beer or five, that was a wild f**king month..." this afternoon, and we felt the same as we tried to sum up the chaos.