Something very special is happening in 2015 - the return of logic

Joseph Mills

Amery Partners

Something very special is happening in 2015 - the return of logic. For the first time since the beginning of QE3 in the US, correlations appear to be reverting to historical levels. Defense plays are actually playing the role of defense rather than offense, and risk-on/risk-off behaviorally seems to have returned. Treasuries rally hard when stocks are volatile and fall, they then fall when stocks rise. However, when Treasuries fall on those strong up days for stocks, they do not do so particularly violently, suggesting that finally Treasuries are serving as a proper hedge. Our risk triggers have kept us in that part of the investable landscape in our alternative inflation rotation strategy which in three weeks has far surpassed most buy and hold averages across multiple asset classes. The magnitude of being correctly positioned in such a juncture can far swell the frequency of being defensive through false positives.


Adviser - Wealth Management & Financial Markets
Amery Partners


No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.