🔎Momentum Trifecta
Three feedback loops are driving the most dominant factor regime ever. Understanding that doesn't need to make you bearish. But be aware of them to realize when the music stops playing.
TLDR Summary
Since late 2023, Momentum has been outperforming all other investment factors with a persistency and a dominance that has rarely been observed before. The convergence of three feedback loops makes that possible:
Interest Loop: Interest expenses are now accounting for 60% of the Treasury’s deficit. This converts the fiscal impulse from a means…
