#588
Alpha Score 21.3
Mark Cudmore
Executive Editor, Bloomberg Live / Macro Strategist
Ticker
Side
Mentions
Opened
Entry
P&L
Thesis
Theme
Source
Long
May 11
$189.51
+12.5%
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.
Macro
Long
May 07
$735.38
+3.2%
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.
Macro
Short
May 18
$736.05
-3.1%
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.
Macro
Short
May 14
$84.80
-0.9%
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.
Macro
Short
May 27
$157.84
-1.2%
The speaker is turning outright bearish on global stocks despite record highs, citing disappointing price action, a growing disconnect between the narrow AI bubble and broader economic damage, and expectations of stagflation. He believes the economic pain will eventually drag down even the high-flying AI names and that the current froth could lead to a self-feeding negative spiral.
Macro
Short
May 26
$62.81
-11.0%
The AI stock market boom is increasingly disconnected from the worsening economic damage caused by the prolonged closure of the Strait of Hormuz. With tail risks of war back on the radar and no resolution, this disconnect is likely to close in a negative way, leading to a downturn in AI-related equities.
AI/Semi
Short
May 21
$185.82
-14.7%
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.
Macro
Short
May 15
$427.21
+3.6%
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.
Macro
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