Today's Post - https://bahnsen.co/3JRB2yV

I read an interesting line from an analyst I read daily in my morning research this morning … “if the bulls are to reclaim control of this market, beta likely needs to reassert itself; hasn’t happened yet.” Of course, this sort of begs the question – bulls of what? Well, if one means “the market index,” then they have essentially said, “if those bullish for beta are to get what they want, beta needs to do well.” I think we call that a tautology. “If I am to eat ice cream I like, I will first have to eat ice cream that I like” is not a super profound observation. But I am not picking on this analyst or the comment – I am pointing out the premise hidden in the statement – that a “bull” means the “index” (beta just measures the portion of a return that is really index/market oriented). It highlighted for me how differently we think at TBG – that one can be agnostic about a broad market index (which is neither bullish nor bearish) yet still bullish on an investment strategy that is not remotely connected to beta … Indeed, to that end we work.

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