Election Volatility - Post Mortem

Going forward

“I’m gonna tell my kids that the 2024 Election was won by a dead squirrel and a Top 20 Diablo gamer” - Le Shrub

We have a clear Election winner. Lets review how we positioned until now and thoughts going forward.

How we positioned:

• Most importantly, we were LONG. Having mapped out the “Election Volatility” roadmap early on, kept us long into the Election, saving us money from squeezy shorts and expensive hedges (look at the VIX getting crushed today, as discussed in yesterday’s piece…)

• Also importantly, we were LONG ROTATION. This was our #1 “Asymmetric Trump Trade”. The Russell is +6-7% in the pre-market, outperforming the Nasdaq by +4-5%. Many will be tempted to fade this, so simply note that the Russell is still below its 2021 All-Time-High…