Calls
8
#232
Alpha Score 77.1
Barry Knapp
Managing Partner, Ironsides Macroeconomics
Win Rate
71.4%
return
+7.1%
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Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Short
Mar 03
$86.83
-
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
Equity Indexes
Short
Mar 03
$132.34
-22.8%
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
Equity Indexes
Short
Mar 03
$28.30
+0.5%
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
Autos & EV
Long
Mar 03
$67.30
+14.0%
"Policy is... at least 50 basis points too tight for small banks... You need to steepen the yield curve... implement Bowman's bank deregulatory plan... I do expect it." Knapp believes the "Warsh/Bessant" plan will be implemented: Fed cuts rates to steepen the curve + deregulation. Regional Banks (KRE) are currently stifled by an inverted curve and regulation; this specific policy mix is the "unlock" for their profitability and lending ability. Long Regional Banks as a play on the "Warsh/Bessant" policy pivot. If the Fed remains hawkish due to headline inflation (ignoring the supply shock argument), small banks remain squeezed.
"Policy is... at least 50 basis points too tight for small banks... You need to steepen the yield curve... implement Bowman's bank deregulatory plan... I do expect it." Knapp believes the "Warsh/Bessant" plan will be implemented: Fed cuts rates to steepen the curve + deregulation. Regional Banks (KRE) are currently stifled by an inverted curve and regulation; this specific policy mix is the "unlock" for their profitability and lending ability. Long Regional Banks as a play on the "Warsh/Bessant" policy pivot. If the Fed remains hawkish due to headline inflation (ignoring the supply shock argument), small banks remain squeezed.
Thematic ETFs
Long
Mar 03
$89.43
-5.5%
"I doubt very much if tens [10-year yields] will keep going up because this is a hit to growth... This is far more of a disinflationary shock than it is an inflation cause." The market is selling bonds (yields up) fearing inflation. Knapp argues the opposite: high energy prices act as a tax, killing consumer demand (which is already slowing). Lower growth leads to lower yields. Therefore, the sell-off in bonds is an opportunity to buy. Long Long-Duration Treasuries (betting on yields falling/stabilizing). If the market treats the energy spike as "sticky inflation" rather than a "growth tax," yields could push higher to 4.5%+.
"I doubt very much if tens [10-year yields] will keep going up because this is a hit to growth... This is far more of a disinflationary shock than it is an inflation cause." The market is selling bonds (yields up) fearing inflation. Knapp argues the opposite: high energy prices act as a tax, killing consumer demand (which is already slowing). Lower growth leads to lower yields. Therefore, the sell-off in bonds is an opportunity to buy. Long Long-Duration Treasuries (betting on yields falling/stabilizing). If the market treats the energy spike as "sticky inflation" rather than a "growth tax," yields could push higher to 4.5%+.
Bonds & Rates
Short
Mar 03
$232.17
+23.5%
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
"Europe and Asia have a much bigger problem with energy than we do... Korean equities, Japanese equities got absolutely hammered... Japanese autos in particular led the weakness... they're all short energy." Japan and Korea are net energy importers. When Oil rises *and* the Dollar rises (the currency oil is priced in), their costs explode while their currencies devalue. This crushes margins for heavy manufacturers like Toyota (TM) and Honda (HMC) and hurts the broader indices (EWJ/EWY). Short exposure to Asian energy importers. A sudden drop in the US Dollar or a ceasefire reducing oil prices would reverse this pressure.
Autos & EV
Long
Mar 03
$90.20
+37.4%
"We're actually the biggest exporter of oil in the world... Dollar goes up and oil prices go up." The US is uniquely positioned as a beneficiary of energy spikes relative to the rest of the world. While consumers hurt, US Energy producers (XLE) and the commodity itself (USO) capture the upside of the geopolitical risk premium without the currency drag facing foreign producers. Long US Energy. Demand destruction (recession) eventually causing oil prices to collapse.
"We're actually the biggest exporter of oil in the world... Dollar goes up and oil prices go up." The US is uniquely positioned as a beneficiary of energy spikes relative to the rest of the world. While consumers hurt, US Energy producers (XLE) and the commodity itself (USO) capture the upside of the geopolitical risk premium without the currency drag facing foreign producers. Long US Energy. Demand destruction (recession) eventually causing oil prices to collapse.
Commodities
Long
Mar 03
$56.52
+2.3%
"We're actually the biggest exporter of oil in the world... Dollar goes up and oil prices go up." The US is uniquely positioned as a beneficiary of energy spikes relative to the rest of the world. While consumers hurt, US Energy producers (XLE) and the commodity itself (USO) capture the upside of the geopolitical risk premium without the currency drag facing foreign producers. Long US Energy. Demand destruction (recession) eventually causing oil prices to collapse.
"We're actually the biggest exporter of oil in the world... Dollar goes up and oil prices go up." The US is uniquely positioned as a beneficiary of energy spikes relative to the rest of the world. While consumers hurt, US Energy producers (XLE) and the commodity itself (USO) capture the upside of the geopolitical risk premium without the currency drag facing foreign producers. Long US Energy. Demand destruction (recession) eventually causing oil prices to collapse.
Thematic ETFs
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Barry Knapp has 8 trade ideas tracked on Buzzberg across 8 tickers since March 2026. Ranked #232 on the Buzzberg Alpha leaderboard. Most covered: KRE, XLE, TM.
