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Your Quiver | Friday, May 12, 2023

CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.


It’s not just politicians and the debt ceiling in a stalemate—the market seems to be in one too. Bulls can’t seem to get the S&P over the technical 4195, the Feb peak. Bears can’t seem to understand why vol is low and the S&P keeps levitating. Plus, the ave change in S&P e-mini future open interest for the past month has collapsed, pointing to investors staying put with their exposure levels. The only thing we absolutely know is that this stalemate will eventually end.

Quality Low Vol

ASR makes a compelling case that Low Vol and High Quality are closely related, not just in the US but also globally. With Low Vol pressured currently, investors could consider adding Low Vol/Quality to their portfolios if they are editing long exposures.


Companies are trying to raise cash before the x-date, so Citi says expect a surge in stock offerings.

Homefield Disadvantage

The yield spread between an index of IG sterling corporate bonds and its euro equivalent is near the widest this year, making financing conditions a lot tougher for UK companies—versus peers in the EZ and the US where borrowing costs have dropped.

Playing CEO

NBC’s Ad Chief supposedly is becoming Twitter’s CEO in 6 weeks, but can anyone really take the reins—or will they be playing CEO?

Collecting Coins

That’s what Schwab was doing last month, raking in $13.6bn of new assets. About $6.3bn went to money market funds.

Congestion Pricing

NYC may charge drivers coming into busy parts of Manhattan next year via their EZ Pass, for as much as $23. The MTA is trying to improve the environment. The plan will include concessions for low-income motorists as well as Uber/Lyft drivers who would only pay once per day.


Tesla basically just recalled all of the cars it sold in China due to a braking and acceleration defect (1.13mm calls).