The Return of American Exceptionalism?

Plus: An Asymmetric Hedge?

I’m glad we panicked early.

We have been reducing exposures since early February after a strong start, we raised cash, we added hedges opportunistically and we even bought WTI Calls leading into the War (we “gave thanks” too early on them, making “only” a 3-4x return but they did help a lot!).

The question now is: “Are we still panicking?”.

To answer this, we should consider the implications of a prolonged war in Iran.

In doing so, we consider asymmetric hedges along the way…