PremiumSqueeze... Wobble... & What's Next: Goldman Macro Trader Reflects On Q1's Chaos
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It has been "quite a topsy turvy start to the year," according to Goldman Sachs macro trader Bobby Molavi.
January was all about US exceptionalism.
February was all about a re-evaluation of US concentration risks with an eye on democratisation of Ai.
Then March has been around de-grossing and then rotations – regional rotations, sector rotations, factor rotations.
The sum of which has resulted in a surprising European and China outperformance vs the US that has lasted longer than a few weeks in January, a decent amount of performance pain for certain client segments….and heavy amount of volumes as people have navigated the choppy waters.