Oh, How Quickly The Narrative Pendulum Swings!
Take two minutes and watch this video I clipped together contrasting the intros to Bloomberg's Real Yield show which is a weekly panel discussion with some of the biggest fixed-income managers in the world. The first half is from August 30th and the second September 13th. What a difference two weeks makes...There is nothing like price to change sentiment. In a market where the narrative pendulum swings back and forth faster than a politician flip-flopping on a key issue, it's paramount to track the sentiment cycle and Play the Player.
And, really, this all just goes to show that nobody actually knows anything. We're all just making up grand stories to tell each other so we can disguise our uncomfortable ignorance as we play this incredibly complex game.
