Premium"Straight Irresponsibility Has Been Rewarded Of Late" - Top Goldman Trader Warns "Don't Try To Time Recessions"
As global equities melt inexorably higher, Goldman Sachs head of hedge fund coverage, Tony Pasquariello, notes that there have been two major stories so far this week, both of which exemplify the world you’re living in (and trading through) today:
i. The Japanese election.
The expectation is Takaichi will bring more debt, more spending, more nominal growth. that’s a story of fiscal dominance, by any other name. which, of course, is a global theme that repeats with the continued ouster of political incumbents.
ii. Another week, another boomer in tech land.
For those keeping score at home, OpenAI has inked over $1tr of deals this year. the reaction function is clear: the market is attaching to the spending dynamics of today. don’t take my word for it, note that AMD is up -- ahem -- 43% in the past three days.