Daily Brief For May 15, 2023 + Key Update

What is next?


A Key Administrative Update

Hello team. Hope your week is off to a good start.

Below is a straightforward letter. A link to a recent report we published is included, as well, since the context emboldens the case for strategies examined in that report.

Separately, after reflecting on the newsletter and noticing a slow decline in quality, we are pausing daily newsletters. During this break, we will evaluate the content direction and frequency of posts.

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Significant risks to markets heading into 2023 included the growing options complex and private market investors raising cash to meet capital calls that could prompt sales in public markets. The latter, in a way, is coming to fruition. Tiger Global is to offload private assets in the secondary market, Bloomberg says, noting the firm experienced a significant decline in the value of its venture investments, marking them down by approximately 33% last year.

The shift is driven by factors including the need to provide distributions to clients and invest in better-performing assets; cash, we maintain, is not appreciated, despite the potential for rates to decline and debt ceiling debates. Fed officials signaling they will leave interest rates unchanged at high levels for a period, and signs of weakening economic conditions across the globe, may help recent dollar strength last.

Graphic: Retrieved from Ryan Detrick of Carson Group. “Fed funds rate > CPI YoY … finally. Each of the previous 8 cycles could stop once this was in place.”

With short-term rates still inflated on debt ceiling uncertainties, traders may allocate to strategies detailed in Physik Invest’s “Investing In A High Rate World” report. The current landscape bolsters the case for such strategies.


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Separately, all content is for informational purposes. Derivatives carry a substantial risk of loss. At this time, Capelj and Physik Invest, non-professional advisors, will never solicit others for capital or collect fees and disbursements.

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