We received a lot of questions regarding last week’s ‘Recession Fears Overblown’ report. How many people have a good track record of predicting recessions? Raise your hand if you predicted and traded the 2008 recession well. We certainly don’t think the S&P 500 Index’s 70% annualized return for 2019 is sustainable. Now is a good time to trim stocks where valuations are expensive, and positioning is crowded. Given the low levels of implied volatilities, adding portfolio hedges make sense to us...
