When discussing inflation and commodities, I think financialization is a massively overlooked variable. The 70s are really our only data point, and since then we’ve seen a dramatic rise in passive commodity access, managed futures strategies, and alt risk premia.
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I find that JPM’s notes are often, “shoot first, ask questions later.” Kolanovic is credited on this one.
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It is really hard to take Kolanovic seriously now - he once ran the best quant conference in the industry, but the last 12 months he’s released so much utterly terrible work
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