Calls
34
#956
Alpha Score 25.1
Mark Cudmore
Executive Editor, Bloomberg Live / Macro Strategist
Win Rate
55.9%
return
-0.8%
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Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Long
May 07
$735.38
+3.6%
The AI-driven equity rally has legs to go further, as we are still in the inflation stage/bubble phase. The core momentum is higher and the rally will likely be more powerful than expected even from current levels, despite increasing volatility and rocky conditions.
Equity Indexes
Short
May 14
$84.80
+3.5%
Bond yields have much more room to rise as inflation pressures persist from supply chain disruption (Strait of Hormuz), strong demand, and fiscal spending, leading to further bond price declines.
Bonds & Rates
Long
May 11
$189.51
-7.8%
The KOSPI has surged 230% since April last year, yet on a forward P/E basis it is near the cheapest it has ever been because earnings growth has outpaced the price gains. This unique combination of a strong rally and cheap valuation makes Korean equities attractive.
Equity Indexes
Long
Jun 16
$46.05
+20.9%
Brent crude oil prices remain more than 20% above pre-conflict levels, US stockpiles are at record lows, and refilling storage will keep energy prices elevated for months. This persistent inflationary impulse supports a bullish oil outlook even with a potential Iran deal.
Commodities
Short
May 21
$185.82
+5.9%
The Korean stock market (KOSPI) has seen massive retail buying and is super volatile. Despite strong fundamentals and tailwinds from Nvidia and averted Samsung strike, I think Kospi has downside in the short term, with more correction to come.
Equity Indexes
Short
May 18
$736.05
-3.5%
Stocks face a multi-week selloff due to post-summit focus on unresolved Strait of Hormuz tensions, bonds already priced in, and dip not quickly buyable.
Equity Indexes
Long
Jul 16
$539.19
-7.4%
The AI semiconductor capex cycle still has room to run; hyperscalers are not cutting spending yet, and until they slash capex, the theme remains positive. The market is in a volatile stage that could last another six months, but the base case is staying long semis until a capex reduction signals the end.
Thematic ETFs
Short
May 15
$427.21
+7.1%
Higher yields and a stronger dollar are negative for precious metals like gold. The macro environment points to lower risk assets and lower precious metals as the market refocuses on inflation and supply distortions.
Commodities
Long
Aug 06
$389.64
+1.9%
The Fed's credibility was undermined at the margin last week, which lowers expected real yields and dealt a blow to the dollar. Since gold trades off the dollar and real yields, both moving lower supports a higher gold price. The 4% surge is a valid move higher and may be the start of the bull trend reasserting.
Commodities
Long
Jul 31
$156.83
+1.7%
The AI capex bubble is not over; capex is still increasing and earnings will likely accelerate into the next earnings season, pushing global stocks to a fresh record high even though volatility will remain a feature.
Equity Indexes
Long
Aug 25
$208.48
+4.3%
Mark Cudmore argues Nvidia earnings are set up differently this time: the stock is already discounted, it is making a transition as an AI name but remains highly profitable, and the report should emphasize that the AI CapEx bubble is still in the inflation stage. He has turned positive again rather than expecting a negative skew after earnings.
AI Compute
Long
Aug 21
$77004.00
+0.3%
Dollar weakness specifically supports alternatives to the dollar: gold should do well and Bitcoin should do well as the world's reserve currency weakens and investors rotate into real and alternative assets.
Crypto Assets
Long
Aug 14
$64.20
-0.3%
The earnings season has been extremely strong globally, emphasizing that the AI boom is continuing, which should drive global stocks higher in a low-volatility summer market.
Thematic ETFs
Long
Jul 31
$28.14
+0.4%
The Fed disappointed and took a credibility hit, but US rates still have more upside, which will support the dollar in the short term, delaying the start of a big structural dollar down-trade.
FX & Currencies
Short
Jun 19
$59.51
+2.7%
Higher US real yields and a strengthening dollar are bad for speculative assets that depend on a weak dollar and lower real yields. Precious metals are a perfect example, with more downside expected in gold and silver.
Commodities
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Mark Cudmore has 34 trade ideas tracked on Buzzberg across 26 tickers since February 2026. Win rate 56% across 34 evaluated calls, average return -0.8%. Ranked #956 on the Buzzberg Alpha leaderboard. Most covered: SPY, EWY, TLT.
