Calls
3
Marvin Loh
Global Senior Macro Strategist, State Street
Win Rate
33.3%
return
-1.3%
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Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Long
Apr 23
$708.70
+4.9%
US equities (S&P 500) are supported and likely to continue making new highs because the CapEx-driven growth theme in tech and data centers remains intact, the war has not disrupted credit availability, and the risk of further escalation is contained. The path of least resistance is higher.
Equity Indexes
Long
Apr 23
$111.57
-3.0%
TIPS (Treasury Inflation-Protected Securities) are a useful diversification and inflation hedge given the uncertainty around inflation and the potential for continued volatility from the Iran conflict.
Bonds & Rates
Long
Feb 17
$89.87
-6.0%
"I would say equal duration makes sense... think through some of the more stable aspects of the technology sector... Gold... is no longer that safety hedge." State Street believes the "Risk On" trade is rotating, not ending. Volatility requires a safety anchor, but Gold and Swiss Franc are too expensive. Therefore, the best risk-adjusted allocation is "Equal Duration" (buying Treasuries to lock in yields as the Fed cuts) and "Stable Tech" (Cash-rich, profitable tech, not speculative AI startups). LONG TLT (Duration) and Quality Tech. AVOID Gold (XAU) as a hedge. Inflation re-accelerating (above 2%) would hurt the long duration bond trade.
"I would say equal duration makes sense... think through some of the more stable aspects of the technology sector... Gold... is no longer that safety hedge." State Street believes the "Risk On" trade is rotating, not ending. Volatility requires a safety anchor, but Gold and Swiss Franc are too expensive. Therefore, the best risk-adjusted allocation is "Equal Duration" (buying Treasuries to lock in yields as the Fed cuts) and "Stable Tech" (Cash-rich, profitable tech, not speculative AI startups). LONG TLT (Duration) and Quality Tech. AVOID Gold (XAU) as a hedge. Inflation re-accelerating (above 2%) would hurt the long duration bond trade.
Bonds & Rates
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Marvin Loh has 3 trade ideas tracked on Buzzberg across 3 tickers since February 2026. Most covered: SPY, TLT, TIP.
