Bassmasters, It’s A Fishing Show

Feel free to chalk this up as an obnoxious victory lap, but I thought this was worth a look. As I pointed out over a year ago Kyle Bass seems to have become victim of the great widow maker macro trade of the century. The exceptional quant team at Nomura, which has produced some of my favorite charts, decided to highlight some problems with the short JGB trade.

The odd thing for a sell side desk is that in the process they chose to flame one of their own clients.

Keep in mind this is based in cash bond investing and not the strategy of rolling derivative short JGBs Hayman has employed, which has produced returns closer to -90% over the past two years.

Moral of the story: macro tourism doesn’t pay.

5 thoughts on “Bassmasters, It’s A Fishing Show

  1. Pingback: 2251 Wall St » Nomura Explains Why Kyle Bass's Most Famous Trade Has Been A Disaster

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  5. 1) Reading books can help you become more productive with your time. If you’ve nothing to do while waiting for something to happen as you follow your schedule, you better read a book. While waiting for time, you may just read something good from a book. While waiting for the traffic to move, or while going to and fro your destination, you may also read a few pages of a book (it’s a different matter altogether if you’re the one driving – you need to listen then to an audio book, or books in a different format). Or read a book to someone who’s driving and those willing and ready to listen, if that works for you.